Lazy reporting. If you look at Magic4 "Ultimate's" name in Chinese, it's actually "Prestige", and nothing I repeat nothing seems to be changing in this respect as 5-series launch.
As much as I dislike Shamsung, the facts are, though, Shamsung would only laugh at others that think any Honor's product could go toe-2-toe with them competitively. One is FULLY global and the other one is just stretched-out partially regional.
Only one Asian company could've wiped the floor with Shamsung, Huawei, but foolish greed has stopped this from happening forever.
Honor is projected to launch the Magic 5 and 5 Pro as its Snapdragon 8 Gen 2-powered flagship smartphones in 2023. However, they are now said to be joined by a Prestige Edition as a new type of Ultra in the same year. The putative US$1,000+ top-end variant might launch with a "custom" OLED display and a 1-inch main camera sensor.