Absolutely not.
The line ups will be strong, it just won't be very exclusive but the same happened last gen. 2014 big 3rd party titles were all cross gen (Titanfall, Dragon Age, Far Cry, Destiny,Metal Gear Solid V etc). It wasn't until a year in we received the first big 3rd party AAA exclusive in the form of AC Unity. First party wise the year was baron for both Playstation and Xbox.
Openning years are rarely great, even the Switch only really had Mario Odyssey and Splatoon 2 as actual big Switch exclusives in 2017.
The biggest problem with this coming gen is the lack of clear vision, but thats simply because we haven't seen the blow out event. In the past that was E3, so far we've only seen the equivalent of PS4's february event. In the next 2 weeks we're likely going to have a very clear picture of what next gen looks like in terms of games library.
2021 already looks significantly better for Xbox/Playstation then 2014. And if anyone has seen the DF analysis of Avengers, its clear that for the majority of console owners who have base systems and not the mid gen updates, cross gen games on PS5/Series X are going to represent a significant leap in the quality of experience.