Yes, Samsung is really changing its focus. They started this with Note 10 series. There was no need of 2 devices. With Note 20 series, it has become worse with Note 20 being just there to tempt users to Note 20 Ultra.
But I don't think it will be easy to have Note like experience on Foldable displays as there are technical challenges right now. May be in 2-3 years , we may see Note series gone.