Consoles are pricing themselves out of relevance when you can buy a Steam Deck and have access to a vast library of (frequently heavily-discounted!) content for $399.
This is where consoles remain relevant.
Especially for Sony, there simply aren't any worthwhile exclusive titles they're putting out. The good/big releases get published on PC now, and the obscure/fandom related stuff like Persona and Senran Kagura bled out of Sony platforms almost immediately. That leaves a small handful of games that can mostly be emulated on PC platforms. Unless your name is "Nintendo", you do not have the publishing power to make a console attractive to wealthy PC owners. Sony literally does not have titles with the same draw, anymore.