Wasn't the bill of materials for PS5 leaked to be $450? And that doesn't include shipping costs, they have to pay to ship them to retailers. Would be shocked if they were willing to sell PS5 digital at more than $50 loss.
BOM for PS4 was around $381 and they sold the system for $399.
The BOM is for the “normal” version with disc. So yeah, I reckon $399/499 is about right.