That's possible.
What I think is the case, is that MS does have plans for a Series X and S.
By staying quiet, Sony forced MS to show the Series X first, because MS needs momentum. And by not showing Series S, MS put Sony in a tough position, because what's happening now is that Sony seems to underdeliver.
MS appears to have the upper hand right now.
Although, while more powerful, XSX will likely be more expensive as well, whereas Sony will have a massive installbase with PS4 and riding a massive wave into next-gen with FFVII R, TLOU 2 and GoT.
It can go either way, so the real question is:
Will MS introduce Series S, putting PS5 in a sweet spot in the middle, only slightly closer to XSX.
The game only got real just now and I've said it all this time, MS will have a real hard sell IF they would have 2 different units and PS5 would be right in the middle.