"These price increases have multiple intertwining causes, some direct and some less so: inflation, pandemic-era supply crunches, the unpredictable trade policies of the Trump administration, and a gradual shift among console makers away from selling hardware at a loss or breaking even in the hopes that game sales will subsidize the hardware. And you never want to rule out good old shareholder-prioritizing corporate greed.
But one major factor, both in the price increases and in the reduction in drastic “slim”-style redesigns, is technical: the death of Moore’s Law and a noticeable slowdown in the rate at which processors and graphics chips can improve."
If you’re willing to get a base model, sure. The PS5 Pro is a $700 console, and that’s not including the subscription fee for multiplayer (which doesn’t exist on PC unless you’re into MMOs).
Edit: Also every Playstation (and Xbox) game eventually comes to PC, so unless you’re so impatient that you have to play the latest games right fucking now, there’s no reason to own a console. Even Switch games are fully playable on PC, at higher resolutions and framerates as well. I sold my Switch because the games look and run so much better on my gaming rig.