One thing to add is that you should factor in the costs of the games and other console BS. If you want to use a physical cartridge, you have to pay another $80. Then, most games are $70. There is a subscription for online content. These costs can easily go over $1000 in total, and remember a PC can be used for more than just gaming. In some cases, it can be fair to compare a $1000-$1200 PC to this $700 console.
Don’t forget the benefit of being able to spite Google!