I'm not saying that the PS5 isn't a good performer for its cost. It is also clearly cost-optimized to do exactly those features without any resources wasted on extra hardware. But at the end of the day even if an equivalent desktop computer cost 5x as much the hardware and hardware architecture look identical.

Sure, this will make emulation hard right now because you don't have the huge compute advantage that you do when emulating a PS3 on modern hardware, but you shouldn't have much difficulty matching the architecture, because it already matches. Basically a PS5 emulator can look a lot more like Wine as opposed to hardware emulation like you see for NES, N64 and similar consoles which were completely custom hardware.