The situation for the PS development advantage peaked the day before this generation started. It was a given when Sony had a 2.5:1 install base advantage and the better base hardware (PS4 vs. X1) that PS would almost always be the lead platform for 3rd party games. The further we get from that day, that PS dev advantage is slowly eroding. Now they are only outselling Xbox world-wide by about 35% according to latest numbers and they arguably have the weaker console for next-gen compute heavy engines that use all the RDNA2 features. It's certainly moving towards a more level playing field. It's not a given that PS will be the lead platform going forward.
MS made the long-term investment rather than the short-term regarding hardware. The same thing can be seen in their service/software department, look at GamePass, not that promising at the start but oh boy now when its taking off finally.
It also seems that Sony designed their hardware around BC with the PS4/Pro, and probably design started earlier it being a earlier RDNA design as opposed to the Xbox's. The Ray Tracing made it to the PS5 kits at a later stage for example, and certain certain RDNA2 features never made it to the custom AMD design spec.
Sony has had the advantage of brand-name in PAL regions and the larger initial install base and hardware-wise that was a benefit to them during the crossgen period (narrow/high clocks, PS4-optimization advantages). The Xbox though is catching up fast with the numbers, and its hardware is going to show its true colours the more we go forward into the generation. I wouldn't be comfortably riding on the brand-loyality or previous install base successes if i were Sony (and they probably dont), they have some serious competition now. The move to the PC platform has alot to do with that i think.