The PS4 games you're excluding, and Demon's Souls are still games that Sony has been working on in the past 5 years. 

It's very relevant in a discussion about wondering whether a PS5 is worth buying over a PS4, but it doesn't make any sense to exclude them in a discussion about what Sony's first party studios are doing.  

they wasted too much time and effort and stuff that didn't pan out... ei. GAAS games, that never released
(because they didn't feel like they lived upto the quality a GAAS game should have).

This is the cost of them gambling the future on online multiplayer GAAS games, and most of their attempts just sucking and never seeing the light of day.

Where else are they going to go?

PC? that is a option.... Switch2? its still too early to expect huge sales there (too few switch2 out in the wild yet).
Apparently alot of 3rd party devs have had really poor sales with Gamekey cards on the Switch2.

Its too early into the gen of the Switch2, of devs to have much choice in the matter.
They are stuck with PC/PS5 for now.

Its mostly longer development times with some project cancellations. Most of it is weird qualifiers that other PlayStation consoles didn't have to go through. Perhaps a side effect of Microsoft purchasing a few publishers?

Ratchet and Clank or Sly Cooper count as first party for the PS2 but Helldivers 2 isn't for PS5. People counted MediEvil Remake, Wipeout Omega, and Everybody's Golf as first party last generation. Many aren't even counting Everybody's Golf: Hot Shots as a first party game this year. Sony owns these IP's so its not a case like Silent Hill 2 Remake that can go multiplatform after a specific amount of time.

And from what I understand, Nintendo has a few of these arrangements as well, but people don't really nitpick what counts as first party for them.

Not counting lazy remasters/ports:

PS4 games by November 2018

Great/Good:
MLBs, LBP3, Resogun, DriveClub, Infamous Second Son, Helldivers, Bloodborne, Until Dawn, Ucharted 4, Detroit, GT Sport, Wipeout Omega Collection, Nioh, The Last Guardian, Everybody's Golf, Gravity Rush 2, Horizon, Shadow of the Colossus Remake, Ratchet and Clank Remake, God of War, Spider-Man.

Mediocre:
Knack, Killzone Shadow Fall, Knack 2, The Order 1886.

Bonus/expansions: Infamous First Light, Uncharted Lost Legacy

PS5 games by November 2025

Great/Good:
MLBs, Sackboy, Demon's Souls Remake, Rift Apart, Returnal, Horizon 2, GT7, TLoU Part 1, God of War Ragnarok, Spider-Man 2, Helldivers 2, AstroBot, Rise of the Ronin, Stellar Blade, Death Stranding 2, Ghost of Yotei (likely qualifies), Lost Soul Aside (may qualify).

Mediocre:
Destruction AllStars, Until Dawn Remake, Concord (dead).

Bonus/expansions: Astro's Playroom, Spider-Man Remastered, Miles Morales, Death Stranding and Ghost of Tsushima Director's Cuts

The two consoles' lineups are comparable so far despite the GaaS mess Sony got itself into. What put the PS4 above is true exclusivity, not the output per se.

How do you expect Cerny gives up Knack 3 when you treat it like that /s

Didn't mark cerny say time to triangle would be greatly reduced, or was he talking shit?

Time to triangle is a small part of the process. Doesn't really help things if the rest of the process is now taking 3x as long.  

Getting a running 3D environment doesn't mean faster output of games. it literally just means getting a faster 3D environment up and running. What devs choose to do with that is another thing. If anything, this could also mean more time to experiment on different ideas resulting in a similar timeframe to before, where they may have prototyped less.