My two cents -Whats the faster way to recoup that money?
Make a game ecosystem exclusive or include the PS5 playerbase?
IMHO - I think this largely depends on whom you ask and what is the broader desired end-state and longer term goal(s) of the business model.
From a pure business/tactical perspective - There are a variety of ways to recoup money invested in a particular IP/game versus a much broader goal of establishing and redefining your business model (ecosystem).
A potential third option - leverage the game ecosystem exclusive(s) to establish partnerships/access for including the targeted PS5 playerbase.
The landscape of simply buying studios and specific game(s)/IPs is still certainly a path forward - but it's becoming dated and archaic as a supportable business model.
I think this might be the underlying thought and business direction that Phil was referring to with respect to his "case-by-case" statements earlier last year.
My guess is - this will potentially become much clearer once the Bethesda deal is finalized and completed. I wouldn't be at all surprised if we see a (major) media event shortly afterwards detailing and clarifying exclusivity details around each game/IP actively under development..