The 5-second press is not turning off Advance Trac but rather a user-request for the reduction of ESC intervention. The hardware is still active for ABS and a wheelspeed sensor fault can still cause the symptoms the OP is experiencing.
The only way to completely turn off ESC/TC/ABS would be to cut power to the electrohydraulic unit under the hood either by pulling the fuse or disconnecting the connector at the unit itself.
The OP can always try the 5-second button press, it might be enough to get to the dealer.
Advancetrac is an electronic control system in the ECU, and holding down the button for 5 seconds DOES turn that system off.
ABS is NOT part of Advancetrac, so no, turning off Advancetrac will not disable your ABS system and required components.
Turning off Advancetrac will however prevent the TCS from applying the brakes and shutting off fuel injectors should you spin the tires. It will also shut off the ESC system which would allow you to drift the car, and it will shut off the RSC system so the car will not slam on the brakes and shut off engine ignition should you get sudden violent body roll. Advancetrac CAN be completely disabled, so none of these systems function at any level.