In the standard M5 font you can use this workaround.
It is working in M5Tab5 as well
ä char(132)
ü char(129)
ö char(148)
Ä char(142)
Ü char(154)
Ö char(153)
Example for German: Überschuss
M5.Lcd.drawString(String(char(154)) + "berschuss" , 0, 0);