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Quote: "After all, the PS4 and PS5 are just multi-core x86 machines with an Nvidia chipset."

Small correction, I think you mean AMD, there is no nVidia chips in the PS4 or 5 (or X-Box for that matter).

PS4 used an AMD GCN chip for GFX (same as in Radeon cards from around 2012), the PS5 uses AMD RDNA 2, same as you'll find in the current AMD Radeon RX 6000 series cards (due for replacement with RDNA 3 later this year, not that we'll be able to buy any!).

For ref, the CPU is also AMD x64 in both PS4 and PS5, with the newer PS5 having a Zen 2 based CPU (basically same as the current X-Box, which also uses Zen 2 + RDNA 2).

But otherwise, as you say, they are essentially PCs other than the OS. Power optimised (aka heat optimised) PC hardware, with a custom OS on top. So much easier to move/port games from PS4 to PS5, and of course from PS4 or PS5 to PC. As there isn't much all that different now between platforms. (Same goes for X-Box One/Series*).