Proof.
We will use without further mention that $\mathcal{F}$ is universally pure over $S$, see Lemma 38.18.3. By Lemma 38.20.2 and Descent, Lemmas 35.37.2 and 35.39.1 the question is local for the étale topology on $S$. Hence it suffices to prove, given $s \in S$, that there exists an étale neighbourhood of $(S, s)$ so that the theorem holds.
Using Lemma 38.12.5 and after replacing $S$ by an elementary étale neighbourhood of $s$ we may assume there exists a commutative diagram
\[ \xymatrix{ X \ar[dr] & & X' \ar[ll]^ g \ar[ld] \\ & S & } \]
of schemes of finite presentation over $S$, where $g$ is étale, $X_ s \subset g(X')$, the schemes $X'$ and $S$ are affine, $\Gamma (X', g^*\mathcal{F})$ a projective $\Gamma (S, \mathcal{O}_ S)$-module. Note that $g^*\mathcal{F}$ is universally pure over $S$, see Lemma 38.17.4. Hence by Lemma 38.18.2 we see that the open $g(X')$ contains the points of $\text{Ass}_{X/S}(\mathcal{F})$ lying over $\mathop{\mathrm{Spec}}(\mathcal{O}_{S, s})$. Set
\[ E = \{ t \in S \mid \text{Ass}_{X_ t}(\mathcal{F}_ t) \subset g(X') \} . \]
By More on Morphisms, Lemma 37.25.5 $E$ is a constructible subset of $S$. We have seen that $\mathop{\mathrm{Spec}}(\mathcal{O}_{S, s}) \subset E$. By Morphisms, Lemma 29.22.4 we see that $E$ contains an open neighbourhood of $s$. Hence after replacing $S$ by a smaller affine neighbourhood of $s$ we may assume that $\text{Ass}_{X/S}(\mathcal{F}) \subset g(X')$.
Since we have assumed that $u$ is surjective we have $F_{iso} = F_{inj}$. From Lemma 38.23.1 it follows that $u : \mathcal{F} \to \mathcal{G}$ is injective if and only if $g^*u : g^*\mathcal{F} \to g^*\mathcal{G}$ is injective, and the same remains true after any base change. Hence we have reduced to the case where, in addition to the assumptions in the theorem, $X \to S$ is a morphism of affine schemes and $\Gamma (X, \mathcal{F})$ is a projective $\Gamma (S, \mathcal{O}_ S)$-module. This case follows immediately from Lemma 38.23.2.
To see that $Z$ is of finite presentation if $\mathcal{G}$ is of finite presentation, combine Lemma 38.20.2 part (4) with Limits, Remark 32.6.2.
$\square$
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