Sony have admitted to selling the PS5 at a loss during the first 8 months of sales. Even when they announced the $499 disc drive SKU was no longer selling at a loss, they admitted the $399 SKU still cost more to make than it sold for. Things are no doubt different today, but Sony absolutely subsidized the PS5 at launch.
All I've seen is that everyone is doing at cost nowadays. The PS4 Pro was the last subsidized console.