I wouldn't even go that far. Looking at the Geekbench browser results, the M4 Pro's 3871 is not all that far behind the M5s 4263. In multi-core performance, the 17,862 scored by the M5 is not even close to an M4 Pro's 22570. While the base M5 will be better in tasks that do not use multiple threads, most applications that do run multiple threads (e.g. Photoshop, Premiere Pro, Final Cut, etc.) will have noticeably better performance on an M4 Pro system.
Looking over my saved Geekbench results, my current machine (M4 Pro) is around 45-50% faster than the M2 Max system it replaced (2664 vs 3861 single-core, 14980 vs 22570 multi-core). That is a far more significant jump in performance than anything we have seen from the M5 so far, and likely why Apple is targeting Intel and M1 users with this update.