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That's actually power of Switch, it offers different experience (full handheld mode and local multiplayer even in tabletop mode) and different enough games (great Nintendo games) compared to PS4/XB1, so not just than coexist on market with PS4/XB1 and where plenty of PS4/XB1 owners will also buy Switch, but Switch will easily outsell XB1.
In same time thats also reason why even PS5/XB2 will not effect too much on Switch success, popularity and sales, Switch will even than contine to offer different experience and different games compared to competition.

Nintendo was very smart going with hybrid instead of home console in middle of generation.