Yes, but the button to wake the phone IS EXACTLY where the sensor is. Making it effectively a one step process. Press the home button, scanner immediately scans your finger. No swiping, no pressing one button and transitioning to another area to scan the finger. All inclusive one step process to securely unlock your phone.
As with almost every Apple innovation, the devil is in the details and the implementation. Some people erroneously think there's a race to be first to do something. The thing that separates the true innovators from the phonies, is being the first to do something RIGHT in a way that makes so much sense that it seems inevitable. When something makes so much sense that you think "of course, how else would you do it" thats when you have innovated. Not screaming "FIRST" like some message board troll who rushes to make the first comment.