Answer
False.
Work Step by Step
When the number of people (x) increases, the time needed (y) decreases.
If this is a case of inverse variation, then $y=\displaystyle \frac{k}{x}$, for some CONSTANT k.
The first case has $x=2, y=5$, leading to $k=xy=10.$
The second case has $x=10,y=4$, leading to $k=xy=40.$
Since k is not constant,
this situation does NOT represent inverse variation.