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I think the business model Sony is using is in slow decline. How well they do is what they can seize from the Xbox market. It will be hard to win people away from Nintendo because Switch users bought it for things PS5 is incapable of offering. Will 4K be enough to beat the compelling product that is the Nintendo Switch in that overlap demographic? Judging by the increasing numbers of Switch owners, it doesn't look like anyone is holding their breath.
I think Switch, easily, makes itself a more compelling gaming device than mobile for way more people than the 3DS did. The Switch feels kind of like a Steam console + high fidelity mobile gaming with less of a freemium push + Nintendo elite console; it's a fantastic combination.

I describe myself as a little dose of toxic masculinity.