It is but this is the first time since the Xbox360/ps3 released (2006-2007) where I've felt that the the extra cost of buying a PC isn't actually worth the money given the level of performance offered by consoles at the moment.
There are plenty of folk who will happily pay top dollar for the best experience but there needs to be a level of differentiation to justify the expense. It isn't there right now IMO.
To be fair I think that had more to do with how competitive and at the top of their game consoles are right now. Plus the quality of televisions out there is also incredibly high (4k, HDR,120hz) for comparatively very little money next to PC monitors.
I guess this is kinda where I'm coming from, we heard it back in 2006-7 as you have intimated, but people kept buying PCs and investing in tech, around that era yes consoles made a good jump forward but people kept buying 8800GTX, Q6600, 120hz monitors etc which would blow consoles out of the water. If you wanted to play competitive FPS then you needed to be on PC. If you wanted to play games like Crysis at acceptable performance levels then you needed a PC.
Yes, as I acknowledged the gap has closed and maybe we don't have a modern equivalent of those killer parts and killer apps (?) but I still see people buying gaming PCs and despite high end cards being difficult to justify, people that want to pay a bit extra for a PC experience can still get something like a RX580 8GB for well under £200 that should be competitive with consoles.
One factor, I guess, is that desktop PCs in general are going out of fashion somewhat; it used to be that you kind of needed a PC or at minimum a laptop anyway to do non-gaming stuff online, but nowadays most people have smartphones, tablets etc.
It still seems cyclical to me though, I mean about say 18-24 months(?) ago seemingly all the rage on this forum was about people wanting gaming PCs with PS4/XBO supposedly not up to the job due to concerns around 30fps and suchlike. It could be I have underestimated the impact of the refreshed Pro/X models but it feels more like the slowdown in GPU development (at a given price point) should be more of a factor for the next generation of consoles, rather than driving people away now (people with older slow PCs who have been waiting to upgrade should be in a position to do so now the crypto gold rush has calmed down, serial upgraders who have good kit anyway can't really get much better from a console than their current PC).