3/16" is actually equivalent to 4.7625 cm, so although a 5mm allen wrench may "work," it's not the exact size and that can give you problems. I don't think there's a single "standard" size for truss rod tools, but 3/16"
appears to me to be the standard for MIM Fenders, though please don't quote me on that because I am certainly not an authority on the subject.
I did recently e-mail Fender support and asked them about the correct truss rod for my MIM '08-'09 Jazz, and they replied saying it was 3/16". I subsequently bought one of
these.
Why Fender doesn't publish the sizes you need for all relevant tools as part of the specs for each instrument I have no idea.