Here is the digital sales history, for example, of God of War Ragnarok
It's been discounted 6 times in the past year-ish since gg deals started tracking Playstation games. 5 out of 6 times, it was discounted to $39.89 (from $69.99), so not even half off. In August, it was discounted only to $49.59.
Here's the same price history in the same timeframe for Gran Turismo 7
Again only reaching a threshold of $39.89 as the bottom floor of the discounts, with various other steps between that and full price along the way.
Finally, an older game - Returnal. Same time frame, let's look at the discounts.
At least this one has been marked down below 50% off in the past year.
One common trend I'm seeing is that the digital games usually get discounted around Christmas, and then don't go any lower than that throughout the entirety of the following year. Wildly different strategy than something like Steam where publishers and developers are free to generate their own digital keys and sell them elsewhere without having to give Valve a cut, thus promoting actual competition for digital pricing.