Cellular (C) setups facilitate the connectivity amongst the devices with better provisioning of services to its users. Vehicular networks are one of the representative setups that aim at expanding their functionalities by using the available cellular systems like Long Term Evolution (LTE)-based Evolved Universal Terrestrial Radio Access Network (E-UTRAN) as well as the upcoming Fifth Generation (5G)-based functional architecture. The vehicular networks include Vehicle to Vehicle (V2V), Vehicle to Infrastructure (V2I), Vehicle to Pedestrian (V2P) and Vehicle to Network (V2N), all of which are referred to as Vehicle to Everything (V2X). 5G has dominated the vehicular network and most of the upcoming research is motivated towards the fully functional utilization of 5G-V2X. Despite that, credential management and edge-initiated security are yet to be resolved under 5G-V2X. To further understand the issue, this paper presents security management as a principle of sustainability and key-management. The performance tradeoff is evaluated with the key-updates required to maintain a secure connection between the vehicles and the 5G-terminals. The proposed approach aims at the utilization of high-speed mmWave-based backhaul for enhancing the security operations between the core and the sub-divided functions at the edge of the network through a dual security management framework. The evaluations are conducted using numerical simulations, which help to understand the impact on the sustainability of connections as well as identification of the fail-safe points for secure and fast operations. Furthermore, the evaluations help to follow the multiple tradeoffs of security and performance based on the metrics like mandatory key updates, the range of operations and the probability of connectivity.