The behaviour you're looking for is a bug that was fixed between bash-3.2 (the version found on macOS), and bash-4.0. From the CHANGES file:
> rr. Brace expansion now allows process substitutions to pass through unchanged.
For a one-liner, you might try awk:
awk -F '\t' {FNR != NR {exit} {out=$5; for (i = 2; i < ARGC; i++) {getline < ARGV[i]; out = out "," $5}; print out}' test*/example.tsv
Explanation:
FNR != NR { exit } # Exit after first file is finished.
{
out=$5; # save the first file's fifth field
for (i = 2; i < ARGC; i++) { # loop over the remaining arguments (filenames).
getline < ARGV[i]; # Read in the next line from i-th file.
out = out "," $5 # save fifth field of the line just read
};
print out # print saved columns.
}