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Absolutely no chance at all.
It’ll close the gap and it’ll be a closer race than the PS4/XBO was, but that’s not saying much.

That race will likely finish as follows:
PS4 - 125 million
XBO - 50 million

And THIS race will probably look like this:
PS5 - 105 million
XSX - 70 million

There’s going to be a lot of early adapters, more than usual for a new console generation thanks to that $300 Series S, and then when those consumers eventually want to upgrade, they’ll be much more likely to go to Series X than PS5c since they’ll already have an account, Game Pass, and be well familiar with the Xbox Series ecosystem at that point.

Microsoft still doesn’t stand a chance, but that’s ok, because it would still be an improvement over last gen and they would be on they can build off that momentum so that one day, they might be able to compete.