https://youtu.be/Lvg4SUna5xw
Prelude narrates when IRyS first descended, "The Gods" was just beginning to form concepts, and in order created:
>Space: just textures which existed abstractly until
>Nature: gave space order
>Time: allows nature to evolve, producing lifeforms. these lifeforms begged "The Gods" for power and was granted knowledge.
>Civilization: created their knowledge, the lifeforms created something with their own and not from the gods.

https://youtu.be/BOWi6Pclr48
Omen continues the story, stating that >Civilization being not of "The Gods", corrupted Nature.
>because of Civilization, Time held more power over lifeforms
>Time gaining more power upsets the balance with Space.
>in this disorder "The Gods" created 5 avatars of Chaos
>Chaos: for some reason, given the job to preserve order through these avatars.
>otherwise known as "The Council".

In closing, there's no reason to believe the 5 avatars are the 5 Concepts (space, time, etc.). HoloCouncil are avatars of chaos itself.