Yes, the literary evidence points in the direction of hipparchies named for their hipparchs. This is eminently logical as the phalanx taxeis are clearly named for their taxiarchs - even (and especially) when field commanded by another Macedonian. Another look at the Hydaspes passage (using Arrian's terminology rather than a dated translation of same):agesilaos wrote: Also we should say 'A fifth hipparchy', the Macedonians seem to have named their units for their commander's rather than assigning them numbers. That makes it more likely that we are talking about an establishment of only five hipparchies.
So the Macedonian hipparchies of the Companion cavalry are clearly named for their hipparchs (as are the phalanx taxeis for their taxiarchs) . The barbarian cavalry are then clearly named as separate units not brigaded with or attached to those hipparchies. And so I'd agree with you that such makes it far more likely that Arrian speaks of the establishment of five hipparchies. Where I'd disagree is that he means five hipparchies: four totally barbarian and made up of Bactrian, Sogdian, Arachosian, Zarangian, Areian, Parthian and Persian (including the so called Euakai) cavalry and a fifth which comprised both barbarians and Macedonians. If the insult of barbarian hipparchies is not enough, the king also wanted Macedonians to endure serving within the same hipparchy as these barbarians! At least the other Macedonian cavalry were still in "Hephaestion's hipparchy" or "Perdikkas' hipparchy". These outraged individuals, there not being enough for a "full" hipparchy, had to serve in some 'bastardised" mixed hipparchy. This happened at a time when the entire cavalry had been enlarged. That time is, almost certainly, after Gedrosia.Alexander selected the agema of the hetairoi, the hipparchies of Hephaestion, Perdikkas and Demetrious, and the hippies (cavalry) from Bactria and Sogdia and Scythia and the Daan hippotoxotas (mounted archers)...
The scant evidence indicates that there were eight hipparchies plus the agema. Perhaps, after Gedrosia, there were enough Macedonians for three and a little more than half hipparchies plus the agema (this latter, if the Successors sedulously followed, being 300 strong) . Thus four and and some are added at this time "when the cavalry was expanded"; that four and some comprising barbarians, as noted by Arrian, resulting in one where these barbarians did not dominate.
In any case, what the whole process shows is that Macedonians and Barbarians had not, until after the return west, been forced into any "army of fusion" and that such was a matter of military necessity rather than notions of fostering brotherhood. The only possible exception being that the complete lack of mention of the Bactrians and Sogdians after Hydaspes might indicate that they had become separate hipparchies of the Companions.