You're right. They won't be just on Xbox. They'll be on Xbox and Windows 10.
In other news, the only 3D API that matters now for gaming is DirectX. Which was kinda always the case, except now OpenGL and VK fanboys can't go "but... idTech!"
I think this will be one of the most interesting fallout effects of this whole acquisition. Bethesda’s tech stack, as a developer, is basically worthless. But Id has plenty of tech, both tooling and engine, that are viable going into PS5/Xbox/new gen GPUs. If Microsoft does intend to push heavily for Xbox/Windows exclusives from all the acquired components the impact on DirectX as the standard 3D API is going to be pretty large. Also the internal transitions from current tooling and API will probably be prioritized to get early day titles ready for spring 2021 sales season (but surely for the holiday 2021 rush).