Well, if we now start to argue that racing games aren't "as complex and work intensive" as a Last of Us 2, then we'll to trap ourselves into a fallacy. Racing games require a lot of work as well, just on different fronts. I could construct the same argument about linear, cinematic third-person games like Last of Us 2 or God of War and their work required. But I know I would do the devs a huge disservice. They are very complex projects, just like racing games, that require more work on different fronts. Just as an Apex Legends requires more work on a different front than both racing games or cinematic action games require, or just as an Age of Empires IV requires more work on different fronts than any of the aforementioned games.
And as you already mentioned, Sony have to prove the exact same thing as Microsoft. They're essentially buying their "exclusives" (which are, thank god, often temporary) just as Microsoft have bought studios. I'd love for both Sony and Microsoft to do away with third-party deals and focus on their first party stuff but I already have said that.