Another one of those opinions where someone believes that exclusives are the big decisive factor between PS and Xbox. On VGC we have the option to look up sales charts and there we see that multiplatform games dominate the bestseller lists of both the PS and Xbox. Therefore the logical conclusion is that the most important thing for both Sony and Microsoft is to be the console of choice for multiplats. The factors that go into that choice are, in order of importance, the price of the console, technical performance of the games and (timed) exclusive content for multiplats.
Microsoft seems hellbent to get the upper hand on performance, but that's something that can backfire if they lose out in the price category. One rather recent rumor (probably debunked by now) suggested that XSX is notably more powerful than the PS5 and that's what would create a scenario where Microsoft has more processing power, but at the cost of price. Such a scenario would make the PS5 the console of choice for multiplats because the market rather pays $100 less for a console as a few more bells and whistles in graphics aren't important enough.
Now if both the PS5 and XSX launched at the same price while XSX had a slight edge in performance, then Microsoft would be in a very good position in every country that isn't opposed to Xbox in general. That would shift the market share in the same general area as it was during the battle between the PS3 and 360, so the PS5 wouldn't be doing any crushing.