This is true, but dead cells are denser than live cells and so will sink somewhat faster once you stop stirring or shaking a culture. The problem is that it's just not a very clean or efficient separation method. Wait a little too long and you'll lose the better flocculating but viable cells; don't wait long enough and you'll keep too many dead cells.living yeast does not magically float and dead yeast does not magically flocculate and sink
Centrifugation through dense media is a very effective laboratory method of separating live cells from dead, but obviously beyond the reach of the average home brewer.