In theory, that makes sense, but I would bet that there are kids who take the SCAT who are not actually at the 95th percentile. First, not every kid who takes the test has taken a standardized test (parent nominations are allowed, etc...). I can't recall, but if the qualifications ask for 95th percentile, does the child need to have their total composite in the 95th percentile, or do they just need one score over the 95th percentile? If it's the latter, then you are definitely going to have more than the top 5% of kids taking the test.
As a side point, I'm not sure how much I trust the percentiles compared to the norm sample (i.e. the percentiles that they give you, which compare your child to kids 2-3 grade levels above). But I'm assuming that you're talking about the child's percentile compared to the other talent search participants of the SAME grade level.