Hello Craig,
From the code in the main, 136 bits are transmitted at a data rate of 19200 bps (RFCR0 configuration). This makes a transmission time of 136/19200 = 7 ms. So from the code, it is completely expected to have a frame lasting 7 ms and not 5 ms.
With a data rate of 19200 bps, one bit lasts ~50 us. From the RF configuration, Manchester encoding is selected at 434 MHz. And in Manchester, there is a high-to-low or low-to-high transition at the middle of the bit (so after ~25 us). It means that a low or high state can last either 25 us or 50 us.
I copied below the extract from the manual (UM11227) showing Manchester encoding.

So the waveform captured matches the configuration done in the main.c, there is nothing unusual.
BRs, Tomas