Nope. The $399 magical unicorn days are over! At least for the higher-spec'd machines anyhow.
The PS5 SE BOM will be around $560-$570 dollars, and $520-$530 for the PS5 DE. The XBSX BOM will be around $590-$620 dollars, and $340-$355 for the XBSS. Mind you, these estimations don't take into account other outside factors or logistics (e.g., testing/QC, packaging, crating, warehousing, shipping, etc.) which may or mayn’t be factored into the overall BOM cost.
What I see happening...
XBSX: $499 ($90-$120 loss per unit)
PS5 Standard Edition (SE): $499 ($60-$70 loss per unit)
PS5 Digital Edition (DE): $449 ($70-$80 loss per unit)
XBSS: $299 ($40-$55 loss per unit)
I believe Sony will eat slightly more ($10-$20) upfront with the PS5 digital edition, rather than swallowing greater BOM losses trying to reach the $449 or $399 price-point with the PS5 standard edition.