It always depends on the situation.
If you have two unarmed guys assisting one who is armed in an attack on you then the armed guy often needs more attention. The unarmed may need a shot if they get close or produce a weapon, but the armed guy needs to be stopped before you switch from him.
Unlike the movies many gun fights where both have guns out result in both sides firing rounds. You may hit someone with some good COM hits first and still take fire in return that also hits you.
Some pistol fights result in both people filling the other guy full of rounds.
It is not the fictional Hollywood Wild West where the first guy to get off a good shot wins the gunfight.
Even with larger defensive calibers. It only takes a split second to fire and most people will have full control for several seconds after being shot most places with handguns.
If one guy is facing another direction, or is distracted he may not need to be shot as quickly as the guy that is already fixated on you. Meaning one needs several rounds before the other needs one.
If all are unarmed and attacking you, or have blunt objects the one closer is a bigger threat. Or maybe one has something that has longer reach or can be thrown. A pipe or brick or random metal or stone object thrown at you that connects with your head my put you down. Allowing them to beat or shoot you to death and retrieve your firearm from you while dazed or unconscious.
The guy with his hands on you or inches away that can grab your gun or arm or try to disarm you may be a more immediate danger than the guy with a weapon 10 feet away, who if you shoot at may allow the closer individual to grapple with you and tie up your firearm, hand, arms, etc leaving you vulnerable to attack from the others.
There is no set rule. Every situation is unique.
In 2010 I'm not sure why anyone would just carry a 5-shot with no reload, but hey, that's just me...
Some revolvers are firing rounds that stop better than any autoloader.
Many of those which are not tiny or special alloys also are quite solid and make fearsome blunt objects. I certainly would hate to take some of the big revolvers to the head.
Capacity is a valid concern, but reloading typically is not. Most gunfights are over within a few seconds, and if you need to reload at the typical close ranges of a self defense situation then you are going down to a competent bad guy. A couple second break in a close range gunfight is forever, and how many people keep concealed magazines on them in a concealed manner that they can get to anywhere near as fast as at the range or in a match. Just having to move a shirt, waistband, or jacket out of the way is going to add some time.
That is not to say you shouldn't be prepared to reload for those situations when it is valid, but being able to reload when you are the target of a close range attack is uncommon.
Once you have an unloaded gun, a club you can swing immediately may be more effective at stopping someone at typical self defense ranges than the reload you can insert in a few seconds and which requires greater dexterity.