No Kevin,
Sorry, you don't understand PWM. The motor's speed doesn't change with each pulse. The motor and its load have inertia, which needs a high torque to overcome. The inertia also causes the motor and its load to take time to change speed. The pulses occur much quicker than the delay caused by inertia. A fixed 5V on a 12V motor will result in low torque and speed variations with load changes. A loaded motor probably won't even start turning.
With PWM, the full-voltage pulses are applied very often and the motor's inertia smooths any quick speed changes, but since full-voltage pulses are applied, torque is maximum. When a motor's speed is reduced by PWM, its torque is stll high and therefore it resists speed changes with load. It will start to turn even if the PWM speed control is set to a low speed at startup.
Of course another benefit of PWM is the efficiency of controlling the "average" voltage across the motor without heating loss wasted by linear voltage dropping. The PWM "switch" turns on with a low voltage across it, then turns off without current, therefore has very low power loss.