As far as sales vs. competitors, it already has. It's no long winning every month by default and lost Black Friday in the US. This is why Sony has brought the "we can't ignore Switch" thunder. They know what we don't.
I think PS5 is probably a year or at best two away from arrival.
It lost black friday, but won November NPD and outsold Switch 2:1?
Also PS4s > Switches total worldwide sales according to quarterly reports.