I would say no - CF-Auto-Root shows the SPH-L720 files are based off the 4.4.2 OS, not 5.0.1. I was going to try this today as well but I'm not in the mood to fix a bricked phone. I don't want to flash a different firmware on my device, all I want to do is get root back - which apparently must be extremely difficult to do on 5.0.1 because searching XDA and Google doesn't reveal any current information on rooting this device and OS combination.
I tried Kingo root this morning which didn't work and OneClickRoot is no longer free, so I'm in the same boat as all of you who want to root their SPH-L720 running Lollipop 5.0.1. As soon as I figure something out, I'll be sure to post it in a new thread.