This is not going to end well for hardcore Xbox fans, they are just being strung along with empty promises but MS is going to pivot before we ever get there.
$80 billion+ spent but what is the outlook for the next 5 years? Games are taking 5+ years to develop for most studios, who knows how the market is going to be by the time Blizzard or Bethesda have another game to release that isn't already multiplatform? Even if they make CoD exclusive that would likely have a minor impact in the console market compared to the negative impact it would have on the CoD IP.
With how slow MS is to put out games, Starfield, Hellblade, Avowed, Fable, Redfall, Perfect Dark, etc, could very well be most of what they have besides a new Gears and the annual Forza for years to come. Many of these project are clearly already in trouble. That ain't going to do jack shit against what the competition already announced like God of War: Ragnarok, TLoU Part I, TLoU Factions, Spider-man 2, FFVII Rebirth, FFXVI and Wolverine, all by top tier studios that are coming in hot from previously very successful games.
What are the MS games that people are really confident about? Hellblade 2 looks like the most promising to me and even then I have my doubts given the history of the studio.
Sony pretty much only announced what Insomniac is working on and to a lesser degree ND, while MS blew their load years ago by announcing a bunch of games in advance including multiple games by studios that hardly have a history of putting a single quality game out in a timely manner. Sony was already very productive last gen and they are much bigger now, with their studios in a much better positions, not to mention that it doesn't look like they'll stop with the moneyhats anytime soon.
The Xbox momentum they have right now with Gamepass and the Series S are the result of short terms strategies that are about to be played out, Sony already answered one with the PS+ restructure and once they overcome the supply issue the Series S will stop helping and will just get in the way for MS as it will age like milk (worse than how the Xbox One aged).