Perhaps, but isn’t that a really significant advantage though and since these are game consoles at the end of the day, that is the primary advantage you really need?
Backwards compability is really cool and I must commend the engineers for their wizardry, but I really think most people are overestimating the importance of it. The ps one mini is most likely a little side project for Sony where bc is a pretty big focus for Microsoft for the obvious reasons.
If playing exclusives is all you care about, then sure. For me there are other things that are important too and in that regard Microsoft has been doing great work this gen with things like GamePass and Play Anywhere. I can easily get refunds for my Xbox One preorders, whereas Sony outright refuses to for no good reason. I find the social features on Xbox One much better than PS4 and Xbox Live kicks PSN's ass any day of the week. With MS Rewards I even get free Xbox Live Gold for large parts of the year. Backwards compatibility is really nice for me, seeing as I didn't have a 360 last gen. And then, of course there's crossplay, which we've been using a lot in our household.
Exclusives are great and not all exclusives appeal to me. I'm very 'meh' towards most of the exclusives on PS4 anyway. Most of the games I play tend to be multiplats anyway and as a result I end up gaming where it is most comfortable to game, and currently that's my PS4 Pro because it has significantly better hardware than my Xbox One S. When I get an Xbox One X I'm likely to move all my multiplat gaming there. Next gen I'll probably get an Xbox before I get a Playstation, because even though their E3 2013 reveal was a disaster, the company is focused on the future of gaming. Sony wants to keep the idea of consoles as walled gardens going. Walled gardens are simply not the future of gaming.
Maybe for some people exclusives are the be-all and end-all of console gaming, but not for everyone. There's a lot more to consider when it comes to the benefits of a console. Even the Switch- I didn't get it because I wanted to play Switch Exclusives. I got it because it's great for playing indie games on the go. And considering how many devs are saying that the Switch is the best place to sell indies, I'm not alone in that view either. Exclusives are only one aspect of consoles.