Not exactly but sort of - at least with the top 3-stars
I looked at 2016 rivals and 2017 rivals because they have a nice screening tool and use a graduated rating system. These are the numbers for 2017 but the numbers for each ranking were very similar for 2016.
6.1 = 36 (5-star)
6.0 = 41 (High 4-star)
5.9 = 107 (Mid 4-star)
5.8 = 211 (Low 4-star)
subtotal = 395 4/5-stars on Rivals
5.7 = 269 (High 3-star)
5.6 = 413 (Mid 3-star)
5.5 = 646 (Low 3-star)
subtotal = 1,328 3-stars on Rivals
5.4 = 1019 (High 2-star)
5.3 = 558 (Mid 2-star)
5.2 = 672 (Low 2-star)
subtotal = 2249 2-stars on Rivals
There are 65 Power 5 schools and they are theoretically limited to signing 25 recruits per year = 1,625/year. Total 3, 4, & 5 stars available = 1,723.
The star ranking system out of high school is comparing high school kids to high school kids and trying to project how long it will take for that kid to have an impact at the FBS level. Five stars are ahead of their high school peers but to your point, many of those lower rated high school peers will catch up to and even pass many of those former high school 5 stars, mostly because many of those lower rated kids (Cam Sutton, Corey Vereen, etc.) have 5-star hearts.