Yes, most IP cams provide an RTSP stream (H.264 encoded) that your application can pull over the network and process.
5 lanes of traffic. hmm. so two lanes in each direction and maybe a left-turn lane in the middle.
Figure a lane is 8ft wide x 5 is 40ft width, just as a simple assumption.
From 40 ft away (other side of intersection), 40ft width give you ~53 degrees field of view (check my math?),
so common 4mm lens would be somewhat wider than you need. maybe pull back a bit and use 6mm from 50ft.
per IPVM calculator (here:
IPVM Camera Calculator V3 ) , a 6mm lens gives you about 48ppf (pixels per foot)
resolution at 50feet with a 2MP cam (1080p). Is that going to be enuf? if not, use higher MP cams, but more $...
2MP cams can be found used for relatively cheap on Ebay or CraigsList, as people upgrade to newer high-er rez units. OR even new on Amazon within your budget, for example:
https://www.amazon.com//dp/B07JNC2Y2H
Stick with a name brand like Hikvision or Dahua (or one of their OEM'd versions.)