Al-Khazraji, in his book نفس الصباح في غريب القرآن وناسخه ومنسوخه, pages 710-711, says that the prohibition to keep marriage ties with disbelieving women in 60:10 was abrogate by the allowance to marry from people of the Book in 5:5. That is not abrogation, but exception. Additionally, the circumstances of revelation clearly speak of polytheist wives.
OK, this one has merit because of the opening "This day" of 5:5, and because of the ambiguity about the classification of the people of the book after Islam was revealed versus polytheists, atheists, and other non-Muslims.
Your argument is correct. The circumstances of revelation and the context within 60:10 makes it clear that this applies to the Mecca polytheists at the time of the Prophet (PBUH). The exception argument is also valid, as the original rule is not annulled and we still cannot marry atheists for example. In addition, the fact that there is ambiguity gives the benefit of the doubt to the no-abrogation side of the argument.