Previously, Hemsworth had stated that he was open to doing Thor 5, but the Australian actor has also expressed that whatever his next appearance ends up being, he would like for it to be the last one. With someone as powerful as Hercules, he would be the type of antagonist that could fit Hemsworth’s Thor 5 idea of what he would want to see as a story, as he wants a “drastically different tone” from Thor: Love and Thunder. Even Waititi seems to have different ideas from Hemsworth in what he would want to do if he directed Thor 5.
It’s imperative to remember that after learning he has a higher chance of developing Alzheimer’s disease, Hemsworth has been open about the possibility that he’ll be taking on fewer projects. That could potentially mean that he may not be back as Thor for the foreseeable future as his health, for absolutely understandable reasons, comes first. Time will tell if Thor 5 will ever happen or if Hemsworth will at least be back in the MCU in either Phase 5 or 6 in some capacity.