5G RAN maintains the UE context even after UE moves from RRC_CONNECTED to RRC_INACTIVE state. In this RRC state, 5G RAN still maintains NG interface associated signaling context. Since 5G RAN already has NG interface context, UE state would be CM-CONNECTED. 5G core network maintains registration and connection management states separately for an UE.
Connection management states such as CM-IDLE and CM-CONNECTED based on the UE states at RRC layer of 5G RAN.
If we compare with LTE network, it is almost similar.