Sure it does if the price points are different. I know you know Nintendo released the "slim" NES after the SNES came out and sold both.
The slim NES wasn't intended to play the same games. The revised hardware is supposed to promote a shift forward in the platform's capabilities. You can't do that effectively while continuing to strengthen the lowest common denominator.
It's about like expecting Sony to continue to make new fat PS2s after releasing the slim PS2. It's a bit like expecting Nintendo to continue producing the classic Game Boy after releasing the Game Boy Pocket. It's a bit like expecting them to keep producing the original GBA after producing the GBA SP (not like having them continue to produce the back lit GBA SP next to the Nintendo DS).
Like my examples, these aren't different platforms. They are improvements and extensions to the existing platforms. Everything we know about the Neo is intended to extend the platform to promote 4K TV sales while guaranteeing continued support for the old/underlying platform.
Now, if Scorpio forces their hand to make a different, cost-prohibitive upgrade then I can see a Neo 2 sold along side continued production of a Neo 1, but that's only once cost effectively distinguishes the platforms. Neo is basically just a UHD Blu-Ray bump which is something half the owners at launch expected with a FW update. The enhanced performance for games is just a bonus.