I am a console gamer first but I also know that most console gamers will need to upgrade their TV to take full advantage of the new consoles. Plus, that whole pesky online tax. I wouldn't put dollar vs dollar on the argument this generation. Many people will see a significant gain by just upgrading their console just like many will see a significant gain by just upgrading their GPU.
That is still kind of apples to oranges.
Person 1: console only gamer
Options: buy next gen console, or spend 1500-2500€ to new pc setup (everything from zero + pc that is really what PCs are for, high end gaming)
Person 2: PC only gamer
Options: upgrade GPU only for 500-1500€, upgrade GPU + other parts if older PC AND/OR buy next gen console
Person 3: PC + Console gamer
Options: buy next gen console AND upgrade GPU only OR upgrade GPU + other parts
So only people in category 3 overlap both sides and category 1+2 are not over lapping so they dont benefit from cheap console AND cheap gpu in the same time.
Like what is the point of comparing 500€ GPU into 500€ console, when audience for either of those would not get the another if they continue on the platform they like (console OR pc)?
And there is no need to buy new TV for next gen consoles, Im gonna use my 1080p TV for PS5 and it will be just fine, it's not day vs night situation anyway so not fair to say that "yeah well console gamers must buy expensive TV"
I guess the worst case scenario for both is expensive, if high end is the goal.
High end pc setup (all components, screen, computer desk, chair, audio, software) = +4000€ easily
High end console setup (console + expensive tv + chair/sofa + audio setup) = +2000€ easily