PS5 has definitely had a better launch period in terms of games than PS4, and the first 18 months also look amazing with the upcoming Horizon, GOW, and GT. I think a lot of people forget the long games drought that Sony had after their initial six month PS4 launch window was over.
His second statement is a little bit funny though. While true that you cannot just solve creativity with money, they really need to expand their studios. Since only insomniac seems to be able to churn out games in less than 4-5 year cycles they are going to run into a problem of not many first party games in 2022-2024. Have a look at their teams and when we should be expecting the next game in the cycle:
Bend Studios
Last release: Days Gone - 2019
Next release: new IP 2024-25?
Guerrilla Games
Next release: Horizon Forbidden West 2021
Release after: unknown 2025
Insomniac Games
Last release: Ratchet & Clank 2021
Release after: unknown, but probably 2022 knowing Insomniac. These guys are amazingly prolific
Media Molecule
Last release: Dreams 2020
Release after: unknown 2024-25?
Naughty Dog
Last release: The Last of Us 2 - 2020
Release after: TLOU 2 Remaster? 2022? 2023? Then after that it is completely unknown. If new IP I expect 2024
Polyphony
Next release: Gran Turismo 7 2022
Release after: GT title 2027
San Diego Studio
Do I need to do this one? They will pump out MLB every year
Santa Monica Studio
Next release: GOW Ragnarok 2022
Release after: unknown, probably another GOW 2026
Sucker Punch
Last release: Ghost of Tsushima 2020
Release after: unknown 2025
Team Asobi
Last release: Astro's Playroom 2020
Release after: Probably Astro VR game? 2022-23
Let's look at the count here. Sony had a great 2020 with TLOU2, Dreams, Astro's Playroom, Miles Morales, and Ghost of Tsushima. 2021 looks like Ratchet and Horizon. 2022 has GOW:Ragnarok and GT, and maybe TLOU2 Remastered. Looking at 2023 though it is apparent that Sony is going to have to be "throwing money at it" by either money hatting or do co-development with studios in order to fill the year with some games. As gaming gets bigger, and games take longer to develop, they need more studios or at least more teams inside their studios.