Yes, they will bin their chips to 4.6Ghz+ and everything else will be buried rather than sold to peasants at a discount.
AMD essentially built their desktop marketshare using the X600 and X700 SKUs, but no more. What consumers really want is to pay $449 for a mainstream CPU that can deliver console gaming performance.
Keep in mind AMD has only announced four CPUs, all of which are X parts. This makes some sense because between the consoles and the new GPUs that are launching soon AMD is going to be constrained on wafers. You can't launch the mass market parts that will sell at the highest volumes in that situation. Even with the premium product NVidia has found difficulties keeping up with demand.
As AMD produces more chiplet a and stockpiles a big enough bin we'll see a 5600 and 5500 round out the lineup and offer the prices that mainstream consumers are willing to pay.
I have a feeling that we'll still see shortages even though AMD is only targeting the high end of the market. If independent reviews do give them the gaming crown, expect a lot more people to pull the trigger on an upgrade.