I dont think so, no.
They could certainly build a console that would be competitive on the hardware side. relatively speaking thats easy now. They could probably have a PS5/XSX killer ready in 18-24 months. Hell if they stick with nvidia and put the equivalent of a 3060ti/3070 in there it could be a fairly big ouch for MS and Sony. The punch of a 3070 with the extra umph of DLSS AND better RT performance out of the box.
When it comes to services though they can't really deliver. they are not a services company. MS and sony have been at that game a long long time. even before PSN and xbox live they were doing it. Nintendo are years behind. They don't have the expertise to directly take on Sony and MS in the online gaming department. i cant even think of a company they could buy to bring those expertise in and build those services. any chance MS is willing to fork xbox live for a fee and rebrand it under the nintendo banner? :P. actually its MS: they probably would. Services as a service :D.
The really big thing though is the cost of production of games. Its relatively straightforward to build a PS5/XSX killer. its a lot harder to make software that makes such a machine stretch its legs. Nintendo can't spend 100-150 million on their games. its far too risky for them. MS and Sony have cracked under the financial pressure and they are far far bigger companies than nintendo. Building a high spec console brings with it certain expectations and nintendo simply wouldn't be able to meet them.
Nintendos biggest successes have come from left field. from using old tech in interesting ways. any time they have tried to Out MS and sony on their own turf they have lost quite badly.