As of the latest monthly sales here, Xbox is down to around a quarter of Playstation worldwide, and close to a third of the 7 year old Switch.
This sort of collapse could prove impossible to arrest; there comes a tipping point where a system's image is so damaged that nothing can sell it any more, as happened with Wii U.
The impact of new software will likely also be nullified by the fact that people will now expect their games to eventually come to PS5.