No doubt that, both sony and ms will take losses with their next consoles for at least 2 years. MS can take such losses easily, but for Sony which depends a lot on their gaming department, it will be a heavier task.
Sure, MS can. Xbox, however, can not. I think this is the reason we've been hearing lately that the PS5 is more powerful. MS is going to have a decent box, but they don't want to lose a bunch of money on HW, so I think they'll launch at break even, maybe a slight loss. Sony, on the other hand, is more willing to take larger losses up front, since gaming is a big division for them. Gaming for MS is a much smaller focus, and gaming HW even smaller, hence them taking a bigger leap into streaming and PC gaming, as of late.
I think the most likely outcome is that they will both launch at $499, but with Sony taking a larger loss, they will have the more capable HW.