No, it isn't. Constant loses means to shut down the service, the division or even going bankrupt and shut down the company.
Netflix is a totally unrelated case, because they are almost creating a monopoly inside movie/tv subscriptions and in that market subscriptions are eating the other business models like cinema theaters, etc. Subscriptions in gaming are still a minor thing and inside them Sony is the market leader in both subscriptions and revenue as can be seen in their fiscal year reports when comparing that part to MS or Nintendo.
And subscribers are only meaningful if you get revenue from them. By charging to most of them $1 you can't even pay the servers.
Sony is relevant because they are the pioneers in game streaming subscriptions and the market leaders in both amount of subscribers, console market share, game sales and revenue from game subscriptions (Plus+Now).
Many months ago they already announced that they plan to improve Now for the next gen in different steps. One was to work with MS on improving their server cloud, another was to open PS Now in several additional countries (done), then to tweak prices and release more current gen big games (done), to support more devices (partly done, they need to support more Android devices), to improve resolution and codec (working on it, I'd say they'll release it for PS5) and then in their powerpoint for investors wasn't clear but they shown something related to integrate Now in the purchases of new games.
They shown previous generations where you only bought your game physically, then you were able to buy it digitally too, and for PS5 they added a 3rd option that would be streaming with PS Now. So seems that purchased PS5 games will be added to your PS Now library, or that there will be another purchase option that will be to add a PS5 game to PS Now. The powerpoint didn't specify. I assume it was like a non suicidal version of putting brand new games on streaming day one.