On the Note 4, the smart select option of the S-Pen will save the file as a Scrapbook file inside the Scrapbook app. As far as I can tell, there is no direct share to the gallery as a "picture" file. You can share it to a photo editor (if you have one installed) which can save the file as a picture, but that's not a direct save to the gallery.
Perhaps they added a direct share to the gallery to save the capture as a picture on the Note 5. That is, if we're talking about the same thing using the same Scrapbook app and smart select (Air Command). Maybe someone else will come along and verify what I've written here.