YMMV, but I also got a 5 on AP Bio and received credit for General Bio 1, 2, and respective labs (9 credits total). I still took the courses at my university, and I'm very glad I did. The knowledge required to get a 5 on the AP was nowhere near the same knowledge I got out of those classes. The classes were also a nice sGPA booster.
That's personal experience. Now, objectively, many schools frown upon using AP Credits for prerequisites, and some won't accept them at all. Schools generally "expect" that you complete prerequisites at a 4 year institution, and that statement can be quoted from several medical school admissions pages and secondary applications. It's true that you can reaffirm your competency by doing well in a higher division course, but in the end I would argue that getting A's in General Biology sequences, then an A in genetics will ALWAYS look better than using AP Credits, then getting an A in genetics.
Basically, from a medical school admissions perspective, I personally feel that the academic benefits outweigh the time saved by utilizing AP credits.