A water heater is a fixed resistance load. You're changing the applied voltage across a fixed resistance, so the current must be different in each case. You can not have a fixed wattage resistive device when the applied voltage changes.
For 5000w @ 240, the amps are 20.83. This implies a resistance of 11.52 ohms.
Put 208V across 11.52 ohms, and the current will be 18.06 amps. At 208V, 18.06 amps is 3756 watts.
If this element was designed only for 208V, then it will have a smaller resistance and allow enough current to flow to make 5000W. But if you connected it to 240V, it would draw more amps and more power.
Motors are different, because they are load driven and their resistance changes based on load and applied voltage. They will suck more amps to make the power they need to make. Resistive loads do not.