Much learning does not teach understanding; else would it have taught Hesiod and Pythagoras, or, again, Xenophanes and Hecataeus.
The one-liner that circulates online is only the first clause. Heraclitus’ point lands in the second half: he names four famously erudite men — the poet Hesiod and the thinkers Pythagoras, Xenophanes and Hecataeus — as proof that piling up information is no guarantee of insight.
✓Public domain
The displayed English is R. D. Hicks’ translation for the Loeb Classical Library, first published in 1925. A translation carries its own copyright, but a 1925 work is in the public domain in the United States (anything published before 1931). The underlying Greek of Heraclitus is, of course, long out of copyright.
⚠ This reflects the original work, which is public domain. If your exact English wording comes from a specific modern translation, that translation may itself still be under copyright — check the edition you quote.