For what concern me, it depends.
Just another competitor? No.
A better competitor than MS? Yes. Sony needs real, strong competition because it's good for everyone, but to gather such resources and focus to be on par with Sony in few years it's kind of impossible. Let's say Amazon enter the competition, it would take one entire generation only to got the first party teams right, also tons of third parties should be converted to the new console, let alone setup services like streaming and find the sweet spot for monthly payments like PS Plus, Gold and Gamepass. It would be a gigantic operation, Sony entered the market when first parties were realized by teams of 30 people, PC wasn't even a thing for console gamers and there were no smartphones, multimedia and shit. You didn't even have to think about fucking servers (something that brought Sony to take Azure from MS) because PS1 didn't care about online play and even less than services in general, and PS2 as well aside from some titles. Now it's a hell of a mess.
I mean I would like a new competitor, yes, but in reality the console market is fucking wild, you need bilions to setup everything and other bilions to keep going, and you can get crushed in one year. I find very unlikely that someone new would propose something similar to Sony and MS, by default Google did a wise thing with Stadia but then got everything else wrong.