Consoles are initially sold at a loss or no profit to incentivise people to buy games on their platform, where the real profit is made. However, at this point in time, yes, you can buy pre-built gaming PCs for around $500 that will run circles around an XBOX Series X or PlayStation 5. You can even buy a $300 office computer then pop an A580 or something in it and make it a fully-equipped gaming PC. Even more so if you use your own hardware and build it yourself.
If you’re just looking for something that works out of the box when you buy it, there are tonnes of people on Facebook Marketplace selling custom-built gaming PCs for around that price range that will still outperform lastest-generation consoles.
Don’t forget, when comparing performance, consoles generally use a mixture of medium/high settings to guarantee a steady 60 FPS whereas PC testing is traditionally done on Ultra/High presets.
I will say that PCs do require a bit more technical knowledge and maybe some tinkering to get the best performance though. If all you do is game and you know nothing about how to do anything else on the computer, I would recommend the console ten out of ten times.