Zen 3 was a big leap over Zen 2. Specifically, the unified L3 caches across the 8 cores were a big upgrade for gaming. Current-gen consoles missed out on that.
Sony is in for a hard time TBH. They spent years trying to get a lot of their studio to do live service multiplayer stuff. All that failed with Concord. Now they have lots of studios that have wasted time working on unreleased products. That is leaving Sony with very few 1st party game releases, which is a problem. The good thing for Sony is that Microsoft has been repeatedly slapping itself in the face with its Xbox messaging.
Better hardware will help next-gen, but Sony needs software as much as hardware. TBH, this is likely a reason behind their AMD partnership. AMD will likely launch these features before Sony can put them into a console, and devs will be able to work on these features a lot earlier.
The key to next-gen will be getting developers to adopt the feature set. That didn't happen this gen. How many games use Mesh Shaders. Even now ray tracing is not used extensively. What about other DirectX 12 Ultimate features like Sampler Feedback and Variable Rate Shading?