No I still expect PS5 to have the SSD advantage. All the optimizations in the world can't close up the raw hardware gap. It looks like PS5's memory controller operates on more channels than XSX's (12 vs 8), and it just has more raw performance as a whole. Doesn't mean XSX's SSD is a slouch, but just goes to show how much Sony's put into theirs (out of necessity).
However in practice it very well may not be quite as big a delta as the numbers on paper paint. There's still a lot to both systems we don't know of yet but it's particularly interesting that MS seems to still have a lot of system details to roll out considering how much they've already mentioned.
In raw specifications, yes. But in practice, we need to see. Both systems are pushing a lot of optimizations, and there's apparently a lot to XSX SSD MS is holding out on discussing. Now, whatever they're doing with it (if they're doing anything with it), some or a lot of that could be in reaction to Sony, we'll see.
But there's a chance actual performance between the two aren't as large as the paper specs imply, same as how in the GPU department there are some advantages to PS5's approach that help close it a bit with XSX in those areas (and other areas where XSX's GPU has the advantage that makes the spec gap potentially larger in those tasks than the paper numbers indicate).
As for the overall gap, it's closer to 16% to 18%, the 18% depending on instances where the clock drops by the 2% claim Cerny mentioned in the presentation (dropping from 10.275 TF to 10.07 TF).