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I don't think PS5 can easily match NS' peak year either, but it could outsell it lifetime: when XBSS will become the minimum spec for current gen games, both PS5 and XBSX will run them more smoothly and possibly with a little more details, but porting them to NS will become very difficult, so if Ninty wants to keep a good number of multiplat ports, and the good relationships it has again with 3rd party home console games devs and publishers, it will need to release NS2 not too late, so PS5 lifecycle has good chances of being longer, provided that Sony does the final price cut earlier than the still missing PS4 one. Obviously also provided that things go well enough through the whole lifecycle.
Sure, for portable games NS is the unchallenged top, as competition totally surrendered, and those games from 3rd parties plus the whole Ninty offer could allow NS to thrive for a lifecycle as long as the longest lived competitors, but the hybrid concept was invented to recover home console 3rd party support too, it worked quite well and Ninty doesn't want to throw it away again.

Stwike him, Centuwion. Stwike him vewy wuffly! (Pontius Pilate, "Life of Brian")
A fart without stink is like a sky without stars.
TGS, Third Grade Shooter: brand new genre invented by Kevin Butler exclusively for Natal WiiToo Kinect. PEW! PEW-PEW-PEW!