You can't play games from previous ps generations on PS5, just games with native PS4 versions (or some PS2 on PS4 releases) and not every single one them has enhancements. You can do that on PC easily.
This is partially not true, the full (99.9%) PS4 catalog is BC and you have have hundreds of games from the previous generations, including almost all the most popular ones from each system.
Some of them are PS1+PS2+PSP games emulated, in some cases adding trophies. Games that if you bought in PS3, PSP or Vita are now free for PS4/PS5. Then there are a gazillion ports (in some cases crossbuy between different combinations of PSP, Vita, PS3 or PS4), remasters, remakes of PS1, PS2, PS3, PSP and Vita games released for PS4 or PS5.
As an example, if you are new to PS and didn't buy them, if get the PS+ Premium subscription they allow you play the 'classics catalog', which includes around 400-500 of PS1/PS2/PS3/PSP/Vita titles.
In PC is true that you have easier access to previous generation games, but in many cases they are no longer available to be bought, don't work on modern PCs or don't work well due to them because weren't ready for current hardware or OS. But in many cases these issues for many games can be solved with emulators.
PC has the PC like genres but ALSO 99% of all console games 8th generation and onwards with native ports easily available.
Not true, there are a lot of console only games. Not only the ones published by Nintendo and Sony. To play them is one of the reasons of why people buy consoles.
For the rest of games where a PC port is not available, emulation is improving every day. Which makes the library of games basically endless and that's not counting mods and total conversions, hell even with decompilations you can now have native PC versions of previously console only games like Jak 1 and 2, SM64 and ocarina of time among many others.
Yes, PC is platform where you can easily emulate games from many platforms. But not PS4, PS5, Vita and in the case of many PS3 games. And well, you shouldn't pirate games you didn't buy.
Finally not sure what way more money is, I guess it's the old $400 console vs $ 4000 PC equivalent reasoning. That's also pretty vintage, even in an era where GPU price gouging is sadly still a thing.
Now I won't lie saying that you can build 500 USD console killers. You need to spend at least 800/900 USD to get console performance on a brand new PC. At the end of the day, you are spending more for a device that does more, in gaming or outside of it. So, I think it's worth it as long as you keep it on that price range. From there,the extra bells and whistles are going to cost you a pretty penny.
Yes, nowadays a good gaming GPU to run games faster and looking better than in PS5 is more expensive than a PS5. And then you have to add there the costs of the rest of the PC. So you have to spend like almost twice the price of a console to get noticiably better results, that many casual games won't care about because 60Hz/fps on their tvs is enough for them and some extra stuff like better internal resolution won't be noticed unless you're watching a Digital Foundry comparision.
Only maybe a game or two like Cyberpunk will look noticiably better, but in that case only if using the latests (and so fucking expensive) GPUs like 4090 or at leaast 3090 to achieve path tracing. Or in case of widescreen or multiple screens in games that support it, there's also the related extra hardware cost of such monitors.
As I said, it depends on personal preferences. Hundreds of millions of people don't care about the extra stuff that the very expensive top pc gaming offers and considers that consoles already give them what they want for a reasonable price, as I said have a more reasonable performance/price balance.
I mean, even in PC gaming the people with such high end GPUs or playing in widescreen or multiple monitors are a tiny minority. You can check in the Steam hardware survey the Steam hardware usage of each GPU or resolution. There's like 4% of people who plays at 4K and 16% who plays at 1440p. 60% plays at 1080p.