AFAIK this only applies to buying HBD. So there is no off-ramp liquidity - this is one of the main things turning DeFi whales off from buying HBD
Off ramp liquidity comes from the conversion of HBD into HIVE. You can do this yourself (unlike the ability to create HBD at <5% premium, which is essentially a privilege of the stabilizer) using the 3.5 day conversion, or you can sell HBD at a small discount and the stabilizer will buy it and convert it.
As with the other direction, people using the pool don't need to know this. They just need to be willing to sell at a small discount and someone else can arb.
What is the thinking with the 5% premium for creating HBD?
I presume it is a security feature to deter manipulation especially since the HBD can be then converted to HIVE and be a threat to governance.
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I think deter manipulation but I suspect also just a desire to generate a profit for the blockchain in the event of large pumps (which it has done in the past). It mostly wasn't my idea, so I can't say 100%.
I think the idea of a spread is good but I would apply some of the fee in both directions and probably also reduce it.