Hard disagree. Sony's in a dominant position specifically because of anti consumer tactics like exclusives. These games can take 5+ years to make, so the only way Microsoft catches up at all during this console generation is via acquisitions (of companies looking to sell, mind you). The only way their trillions of dollars (of market cap, not cash on hand) helps them anytime soon is acquisitions. And also remember that these acquisitions came up in response to Sony seeking further exclusivity of things like Starfield and Call of Duty.
And once again, there's just so much to the video game market that neither of those companies own. Video games are an international industry made up of many, many, many participants, and even Microsoft is nowhere close to having a majority of it.