Since floating-point operations are not natively supported by the DSPs in Cyclone V, for floating-point multiplication, multiplication of mantissa will use DSPs but all other operations including shifting (with barrel shifters) and rounding will use logic and FF. This is expected behavior and cannot be avoided unless you give up on IEEE-754-compliance.
--fp-relaxed will allow parallelizing of floating-point operations in form of a tree that requires reordering of operations. This could slightly reduce the logic/FF overhead at the cost of small changes in the output. However, this might not necessarily make any difference in your kernel unless you have chained floating-point operations.
--fpc can significantly reduce logic and FF overhead of floating-point operations by reducing the area spent on rounding functions, at the cost of losing compliance with the IEEE-754 standard; i.e. if you use that switch, you could get very different (i.e. inaccurate) results compared to running the same code on a CPU/GPU.
Another option you have is to use fixed-point numbers. Altera's documents outline how you can use bit masking to convert floating-point numbers to fixed-point in an OpenCL kernel.