ESRAM is actually the bottleneck itself BECAUSE,
without Esram, and all that space it takes, they could have put GDDR5 there instead, and even put extra Compute Units. 4 GB DDR3 + 4 GB GDDR5 + additional CUs would definitely be a much better choice. But the very existence of a Esram creates a bottleneck.
So yes, Esram is there to alleviate the bottleneck created by DDR3 but because it's in a tiny capacity, so huge, not fast enough, and cripples the GPU, IT IS THE BOTTLENECK.
Playstation 5 vs XBox Series Market Share Estimates
Regional Analysis (only MS and Sony Consoles)
Europe => XB1 : 23-24 % vs PS4 : 76-77%
N. America => XB1 : 49-52% vs PS4 : 48-51%
Global => XB1 : 32-34% vs PS4 : 66-68%