I'd say that's entirely possible, but I do find Sony's own earnings reports and record-keeping to be a bit suspect.
Like, they said they've sold
https://www.engadget.com/2019/10/30/sony-earnings-ps4-console-sales/ 100 million units, which fine, great, but they've also said they have 94 million active PSN accounts too?
https://www.statista.com/statistics/272639/number-of-registered-accounts-of-playstation-network/ Like, even though PSN is just a distribution platform I would expect most of the people signing up for the service are doing so to connect their PS4 systems - so... that's a bit hard to believe? I dunno - regardless, the earnings for their games division was down while their movie division was the big winner this year. Even if I'm being generous I'd say that their video games aren't what's keeping Sony's lights on these days.
From a business perspective, spending lots of money on vanity first-party titles makes a lot less sense.