CoD sells 15-30M on PS+XB+PC, and PS has >100M MAU, meaning that pretty likely around 90% of the PS active users (even more if we also count the non active ones) don't buy CoD.
Even inside the shooter genre PS has many other super successful shooters even if none of them isn't as successful as CoD. Like Fortnite, Destiny, Apex Legends, Rainbow six, Overwatch, Battlefield and so on, it isn't that important. Plus on top of that Sony is working on at least a couple first party new IPs from Bungie, an a couple more from ex-Bungie, ex-CoD, ex-Apex Legend, ex-Titanfall, ex-Rainbow 6, ex-Bioshock Infinite etc staff studios.
PS could perfectly life without CoD. And well, Nintendo also breaks gaming history records without CoD.
Having said that, Microsoft said they were ready to make concessions even before getting a reply from FTC, UE or CMA. So pretty likely they'll do some concession and will get the acquisition greenlighted.