There has been a lot of confusion surrounding HIP-51 and this graphic the Nova Labs team put out on one of their announcements:
It has been confirmed by the Nova Labs team and CEO that this is NOT meant to be an indication of rewards split or earnings and was simply a way for them to illustrate the market opportunity that exists in the telecommunications space as a whole. The graphic means "at the moment Helium is only tapping into 1.2% of the possible communications market since we're only involved in LoRaWAN" and "cellular is a huge untapped potential". For the official response, see the following tweet from Nova Labs CEO Amir Haleem.
It has been stated by the team that LoRa miners will continue to get the majority of the rewards for a very long time, expected to be at least 94% of rewards in the beginning due to the fact that there are over 850,000 LoRa miners and only a few thousand 5G miners - coupled with the fact that 5G miners cost many times more money to buy and deploy, 5G miner growth is expected to be quite slow.
The plan for the network at current is for LoRa miners to continue to earn the majority of HNT and in the future, 5G miners will earn a new token called MOBILE while LoRa miners will earn a token called IOT. This new token will be redeemable for HNT at any time. Emissions will restart with these subDAO tokens (MOBILE and IOT), meaning LoRa hotspots can earn hundreds of IOT tokens per day. IOT is created on its own emissions and halvening schedule as defined by HIP 52, and the value of these tokens will be determined by network usage. LoRa miners will be able to trade these IOT tokens for HNT if they wish or keep them as IOT which will also be offered for sale on exchanges and on the open market. Many are expecting that IOT may be worth more than HNT, however, since you can always trade it for HNT it will never be worth less than the HNT value.
For more information on these developments, we suggest checking out this blog post from Emrit, this video by GristleKing and other members of the Helium Foundation (formerly the MOC), and doing your own additional research regarding HIP-51, 52, 53, and more.
To conclude - no, LoRa mining will not be worthless and will not be limited to 1.2% of all rewards. In fact, many are expecting the overall value of LoRa mining to go up as the value proposition of HNT is increased and these secondary tokens take on a market of their own. Exciting times are definitely coming for everyone involved with The People's Network!