That was the belief in late December, yes:
http://www.gsmarena.com/samsung_launching_metal_galaxy_f_along_with_s5-news-7458.php
According to them, the Galaxy S line is now suplanted by the Galaxy F.
That rumour already mentioned the S5 would "only" have a 1080p and the F would bring 2160p into the same form factor, along with a metal body and the latest bells and whistles.
Yeah, the S5 is even more of a sidegrade than the S4 was to S3. And they made the smartphone quite a bit bigger, whereas the S4 had managed to do more and better while maintaining the size.
BTW, Eldar Murtazin was saying today on twitter the exact same thing about the new flagship not being the S5, which is why today's announcement was a lot more humble than last time.