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No. It will gain back some market share due to its strong start and clearer vision than the Xbox One.
But the PS5 is more in demand than the PS3 was. Gaming PCs are also more popular now than they were from 2005-2013.
The Xbox 360 beat the PS3 to the market by a year, had a lot of exclusives. and other qualities.
The Xbox Series S/X are more similar to PCs, albeit being a lot cheaper for their performance (and lacking a ton of functions a PC has).



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