I think Netflix is probably the more apt analogy for how MS sees the XBox division ... Netflix lost money for 10+ years but in doing so became the streaming leader.
MS has more than enough money, I mean just think for a second AFTER buying Bethesda, they still have like 70 billion (which is probably more than what the Playstation division is worth and more than Nintendo's market cap) to casually try and buy Activision too. This is like knowing someone that just carries around $10,000 in their wallet.
Microsoft is not your typical company.