Not exactly, but in some respects?
There's a lot of people that have a really fuzzy memory of how Gen7 actually went. This was especially true when MS kept trumpeting that X1 was ahead of 360 in sales rates. Which of course was technically true, but super misleading.
OG Xbox was pretty low in sales, but built a pretty hardcore slice of customers. Thanks to a terrible deal with Nvidia, it ended early despite solid growth from Halo 1 and 2 being iconic juggernauts. However, MS/Xbox wasn't yet mainstream enough to be fully trusted by the average gaming community at large compared to Sony/Nintendo.
Enter 360, which launched pretty early to not very much fanfare. Holidays 2005, no Halo entry, high price for a console, supply shortages, and pretty mediocre sales to be honest. A lot of games were just waiting on PS3 due to big promises from Sony, and the incredible library of PS2 gave a lot of credibility to Sony in terms of delivering yet another massive success to follow PS1 and PS2, not to mention loads of features like HDMI, Blu-ray, and built in WiFi. All three of which were missing from 360.
As we all know, PS3 came in 06 at a ludicrous price of entry (though if you added WiFi and HDDVD to 360, it actually was competitive). It disappointed in terms of being distinctly more powerful than 360, and this was a bad look when Gears of War dropped in November 06, bringing the first landmark new IP to 7th Gen as a MS exclusive. Sales started to ramp up for MS, especially in the US and UK. It grew even more when improved models and Halo 3 followed in 07, with more reliable supply and distribution. This would remain a steady pattern all the way until Kinect, which caused a huge bubble of increased sales of Slim 360s. 360 even reached more than niche levels in mainland Europe and some RoW markets like Canada, Mideast, and Mexico.
So sales for 360 were : slow, moderate, rising, then massive, before slowing down sharply in the post Kinect bubble. Made it easy for X1 to launch and maintain a lead on 360 because of how slowly 360 started.
X1 launched on the coattails of 360, which had built a hardcore base of fans who expected a true sequel to 360 : a powerful, games focused unit with great exclusives and class leading multiplats. Initial sales were indeed massive to that dedicated fanbase. However, it didn't take long at all for that momentum to completely fizzle and turn pretty mediocre. Outside of US/UK, it turned into a pretty rough ride, often being outsold 8 to 1, 10 to 1, or worse, in countries like Germany, France, Spain, etc.
Purely in terms of US sales, X1 is not terribly far off from 360 levels of success up to this point. But in 360 lifetime, it hit Kinect around this time (5 years on), which gave 360 a big 2nd wind. Massive even. X1? Looks like it's pretty flat, up YoY but only compared to an utterly dismal 2017. Rest of world X1 is on life support, excepting UK, which is cooled off a bit on it compared to US (in ratio vs PS4), but remains somewhat solid. Mainland Europe, Asia, Africa, Mideast, and most of South America it almost seems like it's a dead platform.
But : it looks like it will EOL at 45-47 million units, with very healthy attach and digital purchase rates. This is several times higher than WiiU, and it's almost certainly profitable as a platform with no major issues, whereas OG and 360 were pretty bad overall in economic sense. Xbox from 2001-2012 probably lost money overall, perhaps substantial money. X1, despite lower sales than 360 should be massively more profitable than all previous Xbox history, perhaps unless you isolated only 2010-2011.
Definitely sets the stage for an interesting 9th Gen for Xbox. They now have quite a lot of experience in what not to do vs what is successful, and their recent moves (1X, BC, Gamepass, etc) seem to indicate good things. Despite not owning an X1, I'm moderately hopeful they can do better next time with their new outlook and corporate vibe.
