Generally speaking you are right.
However, it is the same discussion as with Muscle Cars with ridicolously high horse power - 780 hp and 8zylinders 6 Liter Engines vs. 430hp 6zylinders bi-turbo 4.5 Liter Engine...
Yes, on a straight line the muscle car will blow this 6 zylinder out of the water, into the sky, through the atmosphere and out of orbit - but at what cost? Efficiency is really, really bad, because as soon as there is a tiny little change coming into that straight line it gets really hard to keep up that argument and even on the straight line the "super charged" 6 zylinder bi-turbo solution is actually doing really well and don't get started by the costs for the actual hardware, because that is essentially very different than cars to be honest.
It's all about the Process knowledge, the R&D expertise of the engine and the manufacturing proccess, it's about detailed knowledge on the full system and know-how of a well crafted car.
Having said that and with that mindset:
Yes, the PC will outdo anything at anytime by a big, big leap. But at what costs?..
Look at the following gifs, The gifs are from end of 2017 on a PS4 Pro and this is just one example from one console, there are many more equally available on Xbox and PlayStation that are showing incredible results for a console with these kind of processors built in - we're talking mid-tier range in 2017, by now, these consoles are low-end tier at best in 2020 compared to a 2080Ti, Ryzen 3600+, 16gb RAM etc.
Do you feel like the game is visually looking that much less appealing than the stats-difference would imply?
I really don't... in essence we can do that example on both consoles and they are by far inferior to a PC stat-wise. They could never handle RDR2 to run at 4K Ultra Settings with 60FPS...to be honest a hell of a PC is needed to actually run that thing smoothly on a PC even... So for the delta in actual raw-power it's jaw dropping what consoles are able to achieve by smart system architecture, hand-tailored engines, APIs etc. etc. - Only time will tell what the situation will look like these days..