Partially it is and Cloudflare does keep a list of IP addresses which are automatically challenged, but that does not necessarily need to include addresses which might be sending mass requests to your server at a given time.
You can Rate Limit from the Firewall Tools section. At an average of 5000 hits per minute, it shouldn’t take long for that IP address to get blocked:
Cloudflare does not offer such a feature by default. Parsing your log files might be the most efficient way, otherwise you might want to have a look at Logflare.
There are sites that receive such traffic , I’m using Rate Limit to stop spammers. Basically the Free can only show a page saying you’re banned which is scary for a real user to see.
The Pro plan allow you to display JavaScript Captcha
Sadly my that specific site can’t justify for Pro plan yet, hopefully in future.