I'd say the A7 IV has a better sensor in a similarly priced body ($1500-2500 market).
The Z6 III clearly is a new generation of sensor, in that same mid-range price bracket.
The S5 Mark II is competitive on price, but Panasonic may as well give up on taking any sales away from the others.
I really do think now that they have quit the flagship enthusiast and high-end market, in order to leave it to Leica.
There can be no other explanation.
The S1 series didn't sell well enough, so why throw good money after bad when they can use a tiny fraction of the budget on very low-cost stuff like the S9 with a 7 year old sensor?
And they have continued to get new LSIs and new firmware features such as on the GH7, new codecs, ProRes, etc.
So maybe there is a built up to a new S1H or something like that.
But I just find it all very strange that in the 6 years between the big important S1 series launch and now, they have absolutely nothing to show for it.
https://www.eoshd.com/news/panasonic-hiatus-worries-as-flagship-cameras-remain-nowhere-to-be-seen-in-2024/