A big part of Bohemian’s success was Malek’s performance as Freddie Mercury.
(Queen also released several albums after Live Aid, although those records don’t contain many of the classic hits that fans love).
Bohemian Rhapsody does end with Live Aid, which took place in 1985; Freddie Mercury didn’t pass away until 1991, so there is some room to explore his life in between.
Obvious real-world reasons would seemingly preclude a sequel to Bohemian Rhapsody.