Yep. The PS4 and Xbone are both very close to off-the-shelf AMD APU’s as far as I remember; you could buy very similar processors for desktop use. Emulation would require a ton more power than the original chips, and the original chips are so close to desktop processors that it’s more efficient and feasible to reverse-engineer the proprietary API’s those console chips use.
Portable gaming died because of smartphone gaming, unfortunately