Step 1: Understand apparent depth.
When we look at an object across a flat boundary near the normal, refraction makes it seem shifted. The rule is $h_{app} = h_{real}\times \dfrac{n_{observer}}{n_{object}}$, where the object sits in medium $Q$.
Step 2: Find where the object actually is.
Medium $Q$ is $5$ cm thick and the object $O$ is at its centre, so it lies $2.5$ cm below each surface. This $2.5$ cm is the real depth for both views.
Step 3: View from medium P.
Here the observer is in $P$ with $n_P=1$ and the object is in $Q$ with $n_Q=1.25$. So $h_1 = 2.5\times \dfrac{1}{1.25} = 2$ cm.
Step 4: View from medium R.
Now the observer is in $R$ with $n_R=1.5$, object still in $Q$. So $h_2 = 2.5\times \dfrac{1.5}{1.25} = 3$ cm.
Step 5: Take the difference.
\[ |h_1 - h_2| = |2 - 3| = 1 \text{ cm} \]
Step 6: State the answer.
The apparent depths differ by just $1$ cm, which matches option C.
\[ \boxed{1 \text{ cm}} \]