If the PS6 and Xbox 5 arrive in November 2025, perhaps. That is still a while for Nintendo to wait.
If Sony and Microsoft wait until November 2027, no. The Game Boy (it doesn't matter whether or not you consider the Game Boy Color a mid-gen refresh or successor) is the only piece of successful gaming hardware in history I can think of that went a long time without a successor. I understand Switch is in some ways in its own lane like the Game Boy, but I don't think it would be the best idea. New hardware can excite consumers. And there can be new features in a successor that go beyond better tech specs.
I think a Switch successor should come out in 2023 or 2024. If they wait until 2025 or beyond, they really need to launch a Switch Pro or Plus in 2021 or 2022.
They also need even more compelling software than they already have if they are going to wait until 2025 or beyond.
-Mario Kart 9
-Super Mario Odyssey 2
-Pokemon Gen IX
Lifetime Sales Predictions
Switch: 144 million (was 73, then 96, then 113 million, then 125 million)
PS5: 105 million Xbox Series S/X: 60 million
PS4: 120 mil (was 100 then 130 million, then 122 million) Xbox One: 51 mil (was 50 then 55 mil)
3DS: 75.5 mil (was 73, then 77 million)
"Let go your earthly tether, enter the void, empty and become wind." - Guru Laghima