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1) I think they need to discontinue the Pro.  The whole point of getting a Pro is to get the best Playstation hardware possible and that is going to be the PS5 pretty soon.

2) I think they should have cut the price in 2019.  They didn't need to in 2018, because they had a really good year for games: God of War, Spider-Man, Monster Hunter World, Red Dead 2, etc....  2019 was not nearly that good of a year and by that point PS4 really was due for a price cut.

So, obviously they didn't cut the price in 2019, but I still think they need to do it.  There really are people out there who won't buy a system for $300, but they will for $200 (especially as a holiday bundle with some games).  These people are very different from those who would want a PS5 at launch.  Cutting the price of PS4 won't eat into PS5 sales, but it will boost PS4 sales by a good amount at this point.

It's also late enough that it will actually help their hardware profits (not to mention software profits).  There is a risk in cutting the price too early that you give a $100 discount to people who would otherwise have paid $300.  I don't think there is much room for that to happen anymore.  At this point if they cut the price to $200 (or even $250) I only see upside.  I don't really think there is a downside.