Thats correct,
The standard release has the lastest featureset but take some months before it comes a conservative release. Conservative releases are for customers who prioritize stability over new features.
Before it comes conservative it must be;
- Deployed for a certain amount of time.
- Deployed to a certain percentage of customers.
- The bugs reported and pending needs to fall under a certain number
(Special thanks to cjoseph post that i give you)
Because 6.5.4.12 is the latest version and stable enough (meet the criteria) to be a Conservative release, you see it only in that folder.
Side note:
The old names were renewed in 2016.
- Standard was named Early Deployment
- Conservative was named General Available