People here saying the PS5 should have dropped in price, I just checked Amazon for the price of a new Nintendo Switch (standard model, not OLED), seems almost identical to what I paid for one on launch day. £250. This is now really old hardware that launched over 5 years ago (Mar 2017).
This "standard model" had a SoC refresh too. And as said elsewhere in the thread, it's now cheaper in USD (how components are priced) than it was when GBP was at 1.30+.