People have been saying this exact thing about laptops since at least the early 2000s, and it always makes me wonder how people could think this way.
First, laptops have to run on a very limited amount of battery power. We keep getting better at efficiency and building batteries with more juice crammed into them, but no battery can compete with having a device hooked up to a wall outlet. Simply put, the more power you can use for computation, the more computation you can use to run more complex games. The best gaming laptops are not nearly as capable as the most powerful gaming PCs. Same with handhelds vs. consoles.
Second, very few people will find the portability of a laptop is more valuable than the power and convenience of a console. Even if we customize the portable computer further for gaming and turn it into a handheld gaming PC like the Steam Deck, we can see that market is small compared to consoles and gaming PCs. And again, whatever a gaming handheld can do, a box that plugs into the wall can do better, except for the portability.
Third, as gaming hardware continues to advance, the software will just keep getting more and more advanced. The idea of "something like a budget laptop is able to run any game at max settings" is a myth. As long as there are companies making high end hardware, there will be developers building engines to take advantage of that hardware, and the budget laptops (or handheld PCs) won't be able to run those games at max settings, at the same resolution and frame rate as a box that plugs into the wall.
Cloud gaming isn't going to do it either. The latency is a problem that can't be solved, and it's enough of a problem for enough types of games that it won't replace dedicated hardware.
I expect we will continue to have some form of gaming console (a fixed hardware spec that plugs into the wall) for as long as people are into playing video games. The brands might rise and fall, the way new hardware specs are rolled out might change over time, but I don't see any reason to think we won't get at least one new console platform every 6-10 years for decades to come.