Sony announcing the PS5 a week before E3 sounds like some sort of fan fiction, not a sane business strategy. You generally want to control the news cycle for as long as possible, so the only way you announce before a big event is if you're 100% confident you aren't going to be pushed out of the spotlight immediately. It just doesn't sound plausible. The week before E3 is also Apple's annual developer conference, so that will tie up a good chunk of attention from the technology press.
Could there be a current generation State of Play? Sure. Something low key to keep a steady trickle of information going and be slotted into E3 coverage. Why not. Major news, though, would be far better positioned after E3 to take back the conversation. Even then, this strikes me as pretty early to be covering much in depth. I'd expect a steady drip of Wired-style articles leading up to the main event instead.
