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Doubt it. If it were true Sony probably would have kept supporting the Vita to keep their handheld business alive and make sure hardcore PlayStation handheld fans kept believing in them like Nintendo did with the Wii U and Switch.
Also, the Vita is already 5.5 years old, if Sony were gonna replace a big failure like the Vita they would have done so already.
Only thing I can see Sony do is a PlayStation 4 portable if such a thing is even portable, but I'm not sure if putting the power of the PS4 in an affordable handheld is possible. HDD size would probably be quite a problem.