5 nights in Switzerland - High Yield itinerary needed!

I'd skip Geneva and if you don't want to go all the way to Zermatt, at least go to Vevey or Lausanne or Montreux.
I would personally skip Zermatt and just stay in Murren longer, but I know some can't resist. Only having one day is risky because if it is cloudy, you won't be seeing the Matterhorn (what month?).
What time is departure? If you do not have to move on to Zurich, I wouldn't, but departure time will dictate.
good luck!

I'm not able to comment on the desire to connect in Visp, but it is actually a
tad faster to go from Zurich Airport to Zermatt than Geneva Airport by train.

In conjunction with that, you might be able to get a better flight connection
that allows you to head straight to Zermatt from the airport. As previously
noted, Geneva (and to an extent Zurich) don't have much to see.

We’re traveling in mid-August! Our departure out of Zurich is 13:05 so I suppose we could spend the previous night elsewhere but we didn’t want to risk delays and missing our flight on the day of.

Thank you for the suggestions on visiting Vevey, Lausanne, and Montreux! I know nothing about those areas so will be doing research..

You can get to Zurich airport for a 1pm departure from just about anywhere--definitely with ease from Lucerne, the most common suggestion. It's a pleasant place to ease back into civilization.
But I like the #2 suggestion if you can fly into Zurich, head straight to Zermatt. I would consolidate as much as you can for fewer moves.

Skip Geneva and Zurich. Moving as much as you plan in that short of a trip is going to leave you no time for actual enjoyment in the places. Do 2 nights in Montreux and 3 nights at Murren Palace and then just go to the airport from Murren. You can do this by leaving Murren by around 6:30 am on your morning of departure and it's absolutely what I would do to avoid a night in Zurich.

If Zermatt is a non-negotiable, then 2 nights Zermatt & 3 nights in Murren. You'll have a far better trip if you just do 2 places instead of 4. Especially when you say you want to relax and soak in the scenery. That doesn't happen when you're moving every day.

Is this really the right way to approach your trip?

Thank you guys for all valuable feedback! Thinking through the responses and I agree that if we’re moving everyday, we probably won’t be able to actually enjoy the scenery. The two nights in Murren is already nailed down in my mind as I found it the most beautiful part of my trip last time.

I’m trying to decide on the next two nights…Zermatt seems like the classic choice but from what I can recall from my last trip I stayed in Embd and did a day trip to Zermatt which seemed to suffice. Are there any other can’t-miss areas? My wife does want at least one day in a city so perhaps an area that is central enough to take the train to the city but also not too far from scenic points.

I gave you the suggestion of 2 nights Montreux and 3 nights Murren, which I think is your best option. If a city is important you really shouldn't also try to do Zermatt in addition, even as a day trip.

Bern is a very cute city, if you don't want Lucerne.
It is easy to reach Zürich airport from there.

I'd just do 3 nights Mürren / 2 nights Bern, in that case. There are several good half-day trips from Bern, too, such as Murten & Gruyeres.

Or, if you are set on flying into Geneva, maybe 2 nights Lausanne then 3 nights Mürren. Mürren-Zürich is no trouble to catch a 1PM flight.

I stayed two nights in Zermatt last year with the intent of seeing the Matterhorn and glacier. Didn’t expect much from the town but was completely surprised (complimentary). There is a lot to enjoy in town, and the mountain lifts and easy hikes are amazing. I would absolutely recommend 2 nights in Zermatt and 3 in Murren. Honestly, that would be my personal itinerary if I were visiting Switzerland for those many days myself.