Console is basically a costume machines that uses technologies and ideas that already existed on consumer PC's and sometimes doesn't exist . And also sometimes use part that already exist but altered and tempered to be working differently for the purpose of gaming "only " to achieved energy efficiency, cost efficiency , and usability's.
It's wrong to call it a cheap PC's because the performance is still more than double if we want to to build the comparable specs on PC's. If I want to build the same specs it will cost 1000 USD for just the desktop tower Micro ATX not include legal software like windows .
If PC master race (self entitled PC gamer) want to call PS5 as cheap PC's, then we can also called Steam Deck as cheap PC's. Even Steam Deck run better compared to others portable PC's (Rog Ally etc) due it's costume design and costume API , even though raw hardware Rog ally is more than twice of Steam Deck .
The thing with consoles, or console-like hardware like the Steam Deck's Van Gogh, is that they're not designed to run unoptimized code really fast like the PC does, and even our smartphones as well.
Unlike the consoles, our PCs (ROG Ally included, because it uses the same AMD chip that goes into 7840U laptops)
need to be competitive at running ridiculous single-threaded performance, meaning they need very large cores that must clock at 5GHz+ otherwise they'll lose in all those benchmarks that essentially measure hopelessly single-threaded JavaScript performance around which every single web browser and web app is built upon.
This puts an immense pressure on everything else that goes on the chip. To be able to clock higher, the CPU cores need to use performance-optimized transistors (that take more die area) instead of area-optimized transistors, meaning there's less die area available for what would help immensely on gaming workloads like additional GPU cache and RAM memory channels.
And making those CPU cores able to clock sky-high also means they get most of the chip's power budget, whereas in a console SoC the CPU is probably taking like 15% to 20%.
So it's not like there's some dark magic that makes consoles
punch above their weight in videogames. They're just not competing for that single-threaded performance on JavaScript code, so they can get away with tinier CPU cores and put more transistors and die-area dedicated to something else.