I can see them mirror the launch of the PS4 Pro, to a degree. The PS4 launched at $399 in 2013 and by the time 2016 came around the PS4 price had dropped and they launched the PS4 Pro at $399.
This time, they launched the PS5 with 2 models, a $399 discless one and a $499 disc one. Now we have the rumor that they'll launch a revision next year that's discless and that'll be the new base model. If the PS5 Pro isn't due until holiday 2024 then I could see a scenario where the base model is offered at $349 or $399, and the PS5 Pro is offered at $499.
There's no reality where a PS5 Pro is sold at $699.