How true this is depends on what you consider blockbuster games.
If that's their strategy though, then it's kind of understandable. That's really what Sony is successful at. Outside of Little Big Planet, they haven't had a ton of success with games that weren't in the more traditional AAA style, in terms of sales. Mod Nation, Puppeteer, and Playstation All-Stars didn't set the world on fire. So, there's a logic in playing to their key strength, especially since their most direct competitor isn't hitting it out of the park with those either (even if they have a few moderate hits like Ori). Nintendo is really good with those types of games, but Sony probably can't out Nintendo Nintendo.
The PS5 will have non-blockbuster games, they'll just come from smaller studios. And the content will probably be similar to or better than what's available on XBox.
As a gamer who tends to favor games that don't fit in the traditional AAA mold, I'd rather every company diversified, but from a business point of view, I think this makes sense, especially for the first couple of years of the system. Once you've already targeted the biggest group of your supporters, then you could branch out a bit.
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