Actually, the correct name would be Zhiyun Tech Crane 1 V2 Gimbal and this name indicates that it is an improved version of the Crane 1 Gimbal. Apart from some changes in the controls, the biggest difference between the Zhiyun Crane 1 V2 and the Zhiyun Crane 2 Gimbal is probably the power of the electric motors. The max. payload for camera incl. lens is specified with max. 1800g for the Crane 1 V2 and with max. 3200g for the Crane 2 (see also the information on the manufacturer's website). This means that the weight of the camera and lens to be used is the most important factor when deciding on a purchase.
I don't know the D5300, but my Canon 5d with various lenses fits it well. But if you want to mount a telephoto, the stabilisation will be tight. But with a short lens it's tiptop.