I believe you are right, Fire Bolt will just become 2d6 at level 5, while the Burning damage (which is a status effect), will remain 1d4. This will effectively make the cantrip weaker but it can do a small amount of damage regarding whether you hit or miss.
I don't think that will make the wizard weaker at high levels since they have plenty of spell slots at that point. Even more so than they do in 5e since a lot of utility spells have essentially infinite duration, and a lot of concentration spells we see so far last until concentration is lost.
Last edited by Eugerome; 15/10/20 12:17 PM.