It is all correct except getting the models mixed up. but seeing as there is hardly any difference between the models it doesn't matter that much.
At least we know the whole "it just works" is complete and utter non sense.
The "it just works" was meant more in terms of the usability of the system:
PC - need to make sure your system specs. are high enough; install the game, tweak the settings a bit etc.
Console - put the disk in, play the game
Of course there is becoming a bit more parity between them these days with some games having lengthy installs, and needing a huge update seemingly every other time you turn the console on!
If we're talking about actual hardware failure, then I'd imagine there's no major difference in failure rates, although IMO the PC wins slightly in this regard purely on the ease of repair/replacement:
Under Warranty:
Your PS4 breaks - you send it off for repair or replacement, potentially lose everything on the HDD.
Your PC breaks, you send off the broken component for repair or replacement, unless it's the HDD that's failed, there's no risk of data loss.
Out of Warranty
Your PS4 breaks - you buy a new one (along with all the faff of losing data, transferring saves, etc.)
Your PC breaks - you replace the broken component
There's also the ease of fixing "issues" before something breaks, e.g. the YLOD and RROD are supposedly caused by heat issues - how do you fix this in closed system? In a PC you can simply add/upgrade a couple of fans.
