This is going to use BLE for the radio, the 5mA@3.3V is in line with the cutting edge BLE microcontrollers.
Okay then it isn't credible.
The IR LEDs are blasted with with a lot of energy in a IR remote, because they expect to be able to receive even if you point your remote backwards, and you only get reflections from the wall.
A couple bright ns pulses would likely be equally easy to detect as a square wave.
To be clear, this 5mA-10mA is only during transmission and reception. It operates in slots, and it is only super fast pulses, where otherwise the power consumption is 5-10uA-100uA or so in average. It all depends n the settings. Tx power, slot frequency etc.