Yeah my Samsung is laid out like that. With periscope lens design they were able to get the lenses back to being flat and relatively unobtrusive. And the chassis is still thin and light for a phone of its large dimensions.
S22 Ultra is a chunky 8.9mm thick. It has a camera bump. Yet, the sensor is still smaller than iPhone 14 Pro/Max.
Do you see how unrealistic a zero camera bump design is?