No it's not. Unless you only play like one game a year, PC gaming is vastly cheaper.
Please excuse my ignorance. I'd like to make a home game based cost model, similar to a business model, and work things out. Basically put down the overall cost of the gear and how long it lasts, including all upgrades along the way. And offset that with the cost of the games, connections etc. And also put in a factor for time spent - which is a serious issue IMO.
I can see that downloading games via Steam looks very cheap compared to buying games although I thought people can then sell their games - you can on Sony Playstation platform.
My view was from a different environment.
Firstly, I'm 67 years old so my demographic is different to most here.
I'm open to game addiction, so I've avoided playing games on computers as much as I could. I played an early shoot 'em up famous game on a Mac CX with a rocket card to make it faster, which I did to assess what was going to go on with game play and my children. I knew that it would take a lot of my time, and for me, I saw addiction possibilities. That was when my son was 5 I think ... he's 29 now. It was a first person shoot 'em up, and became very a huge genry. So I established that my son would only have access to games that were USA age approved. And I tried to control that environment. So I bought a Playstation and a big screen but it was in the living room so game play was not secret. I think the addiction issues of game play in the young are serious for some people. The power of notebooks will hurt children who play games on their notebooks IMO.
I setup a Playstation two years ago, with a 50" TV, and bought a race seat setup, and bought Fanatec wheel and their best pedal set, and also bought a costly second wheel because I was faster with it. My pedal set had a failure and so I stop playing. Also the server was re-located to Japan rather than on a random basis, and being in Australia the lag made me less competitive racing Japanese players. My internet was not the best at that time either.
I still haven't had the warranty work carried out. But the time spent was an issue. My best qualifying time was 23rd in the world, so I became quite quick, but on average, I was typically ranked around 300 for my region, and top 1300 for the world. My issue besides my age, was that I prefer a rear bias car which has oversteer characteristics and a low polar moment so - so I prefer a twitchy unstable car - and can stabilise the mostly car using foot control. With an understeering car, or even a neutral car, I am less competitive. Now, if I had PC sim, and the racing field is much smaller there - I'd have needed to spend probably $US25,000 for a good setup. And I'd never have been good enough to encounter Verstappen eon line either, as some have.
So I played GT Sport, an on line race game, Gran Turismo, the Sony race game, Polyphony (I think). I improved my technique in several stages to become faster, in a methodological approach. I also established that to go faster, I would need a totally rigid wheel on a totally rigid race seat to wheel setup. A direct drive wheel would have made me faster too. I think though that the physical side - with high heart rates etc. and foot techniques - was very healthy for me. I also became better road driver - my concentration in critical areas was much improved (for instance, I had to tow my off road trailer/caravan 1,000 miles on a narrow road in 22 hours, due to Covid border closer announcement in my home state and I was 1,000 miles away in another State - there was Christmas traffic coming towards me with large 24 or 40 tonne trucks carrying Christmas freight to Brisbane in Australia - and it was raining a lot of the time. Three times I found these large trucks on the wrong side of the road. The sim driving skills provided a much higher level of control at those times.
So we're all different. But I found the console a lot cheaper than the alternative. The main issue for me though, is the time cost of playing any game. And for children and youth, games threaten to vacuum up life opportunities that are still open when you're growing up.