Gaming subscriptions are only a 7-9% of the gaming revenue, and cloud gaming is a tiny part of it. It's expected that in the next 10 years game subs (not cloud gaming) would increse to around 15%.
To focus in cloud gaming only today, or in 2027 when the next gen console are expected to be released, would be a total suicide. It won't happen. But a digital console only (with maybe a disc drive as optional addon for BC) is very likely because in the recent years the retail sales of games have been replaced by digital sales and by 2027 the retail game sales will be almost zero. Both for Sony and MS.