I don't think it's the only reason. Sony announced maybe this deal too early, this is why sales during the first two weeks were bad. And I think the price difference between the Spider-Man bundle and other bundles was too much. Why not drop the price of the regular PlayStation 4 to 250$ (or even better, to 200$) ? Why not do a bundle with Red Dead Redemption 2 or Call of Duty: Black Ops IIII for 250$ ?
I think a lot of consumers have waited for the Black Friday deal, but it was out of stock, so they didn't buy anything because the price difference (+100$ and one game less) seems too much for them. Even with the same number of Spider-Man bundles, I think Sony could have done better.
The Xbox One was below both the PlayStation 4 and the Switch during most months of the year, but its results was good because it was up YOY. The best comparison for the PlayStation 4 isn't the Switch or the Xbox One, but the year 2017 of the PlayStation 4. In November, PlayStation 4 is sharply down YOY, both in units and in revenue (and probably in profit) and sales will be probably down YTD at the end of the year.
The fact that PlayStation 4 is down YOY, the year of God of War, Spider-Man and Red Dead Redemption 2 is really bad for Sony. I think they made a lot of mistakes.