And with the PS5 Pro announced we know the PS5 is basically dead inside Sony’s engineering organization.
Other than a die shrink or chip reduction or something there’s not much else to do. The designs are basically done.
So all hardware work would currently be focused on the PS6. At least for the home console line.
It will be like the PS4 Pro, something to capitalise on hardcore customers and that is it.
However, most games nowadays can't even take full advantage of PS 5 and XBox Series X, so it is quite questionable what they will do with next generation.
Switch might be oldie hardware, however it clearly shows how well a console can sell when more attention is given to gameplay than polygons per second.
The PS5 is definitely not dead, it's their main console. The Pro is a niche machine targeted at wealthy enthusiasts. It will only do a fraction of the regular PS5 sales numbers.