According to website gsmarena.com, the specifications of Galaxy S4 and Galaxy S5 are almost the same. Of course, those that concern us who want to create an S5 emulator.
Is it advisable to use existing S4 emulator?
If not, what should be changed to get Galaxy S5 emulator?
My current S4 emulator, looks like this
I think it isn't necessary to update your S4 emulator since the changes are minor. However, if it is for testing applications or develop purposes I would recommend update it, because than the minor updates aren't minor anymore, the smallest change may result into a crashing application or a complete different behaviour. Hope this helps.
Instructions for Samsung Emulators for Android Studio and Eclipse are located here:
Using Samsung Emulator Skins for Android Application Development http://developer.samsung.com/technical-doc/view.do?v=T000000095
The skins can be downloaded here:
http://developer.samsung.com/technical-doc/list.do?pi=1&ps=50&pb=Y&ct=CT350000&sc=
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