For hardware, it's touch and go. For me, I need a PC either way for non-gaming stuff, so add another $500ish and it becomes a gaming system.
For games and peripherals, I feel like PC's generally quite a bit cheaper, but then I guess you've got the second-hand market on consoles, so who knows.
To be fair, with all the quality indies, sales and freebies, and Game Pass and the like, either option can be easy on the wallet - just depends how you like to play really.
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