In some minor ways, kinda...but mostly no.
Being able to take a Steam Deck to a friend's house with indie games in genres arcades would give me, and we can break out fight sticks that just connect to the device gives me some of the same vibe.
The weird thing to me is the social aspect of games I always associated with consoles growing up (barrin lan parties), but today I really associate that with Nintendo, PC and mobile. You can really easily bring a portable device to have that local experience with people, where Playstation and Xbox are mostly just people playing online games with shittier-tier Discord integration.