Qualcomm already presented the premium mid-range Snapdragon 765G with integrated X52 5G modem, so the fact that the Snapdragon 865 comes with no integrated 4G/5G modem does not make any sense. Unless Qualcomm wants to increase its profit and force OEMs to buy the SoC + 5G modem combo. Financial issues aside, most 2020 flagships could be plagued with overheating, low battery life and poor 5G connectivity.
https://www.notebookcheck.net/Most-2020-smartphone-flagships-will-have-increased-power-requirements-due-to-the-lack-of-integrated-4G-5G-modem-with-the-Snapdragon-865.447177.0.html