Hardly. The incredible company that Jobs built can handle the iPhones 5, 6 and 7 just fine. The iPhone 5 is probably already being tested on the Cupertino campus, and doesn't need any of the last 24 hours of Steve Jobs' attention.
The "next product" is more likely to be a new product category, like the iPad, iPhone and iPod were when first announced. Based on current rumours, that could be the "iTV" or something altogether different... What Steve Jobs was almost certainly not fretting about on the day before he died was the iPhone 5.
As a unique visionary, I'm sure Steve Jobs was very well aware that Apple's future for the next few years is assured, but what isn't is its future in 10, 20 years. My guess is that phone call was about a product that we'll first hear about in a decade.
This is only my opinion, based on observations of past companies that were only innovative while still being led by their original founders. Examples include HP, GE, Ford, and Apple itself.
Today's Apple is not just a successful technology company. They are, imho, the leading consumer technology company in the world - no one else comes close, not Sony, not Samsung, not Google or Microsoft (and part of the reason is that you can line them up with both hardware manufacturers and software companies). Over the last 10 years, Apple introduced 3 products, each of which basically created or dominated an industry: the iPod (dominated the mp3 player industry), the iPhone (created the modern smart phone industry), the iPad (in the process of creating the tablet industry, and so far dominating it).
Had Steve Jobs lived another decade, I fully expect that we would have seen another 2 or 3 such genre-defining products in that period. Did he leave enough of his mind behind that those will happen even though he passed away? When you look at Apple in 10 years, will they look as awesome as they do today? That's what's at risk, not Apple's survival.
You underestimate Steve Jobs. He was involved in all sorts of product and marketing detail, and certainly wouldn't have wanted to fixate on his own death when there was work to do.
We should all be so lucky to find a job that we love doing 'til our last breath.
It's not easy to find a job (or purpose) so great that we wish to stay on this earth a little bit longer because of it.
After all it paints a picture that Apple could not run itself without Steve even for a single day right up to the day he died.