It's not just because of old hardware, though of course the S5 has its limitations. The most likely problem is that you have too many things running in the background eating up RAM and battery. Chrome is especially memory-hungry, and if you also have Facebook open (which is an app that hogs resources like few others), well, there's your freeze.
Try this: go to Settings > Applications and check which ones you have running in the background. Turn off background notifications for Facebook and clear Chrome's cache regularly (Settings > Applications > Chrome > Storage > Clear cache). I'd also recommend using a lighter version of Facebook if one exists, or just accessing it through the browser instead of the app. And obviously, close apps you're not using at the moment instead of leaving them suspended. With those changes it should improve quite a bit, at least enough for you to have two or three apps open without everything locking up.
If it's still slow after that, consider backing everything up and resetting your phone to factory settings. Sometimes you accumulate corrupted caches and temporary files that slow the system down after years. It's tedious but it works.