RAID 1 creates a mirror (2 volumes), where Volume_1 and Volume_2 are always synched. If one Volume fails, you will have still have access to the other volume.
RAID 5 creates a single volume from all four drives, where data is distributed across all four drives for redundancy. The total capacity for RAID 5 will be 8 TB minus the overhead from redundancy, which should leave you with around 6 TB (give or take a little). RAID 5 can tolerate one failed drive. If a drive fails in RAID 5, you will still have access to your data, but must replace the failed drive to restore the array to full health. If two drives fail, then all your data will be lost.
In either case, I strongly recommend that you have a backup of your data separate from the RAID array. RAID provides redundancy, but is no replacement for another physical backup.