Consoles have always won on the "time investment :: game playing capability" metric. Sure, it's possible to be savvy with your time and money and build a PC that is better than a PS5 Pro for less money - but learning how to do that will take a lot of time and focus. If you already know how to do that it's a sunk cost and you probably already have a huge steam library anyway.
On the flip side, if you can't build such a machine now, you never have to invest any time in learning by just buying a console. Your money will get you a little less (because of the "console tax") but it's available right now.
I highly doubt you can build a PC that performs better in games than the PS5 Pro for $700. That is a very low price when a $300 RTX 4060 will be a slower GPU than what the PS5 Pro will have. Not to mention that consoles generally are more efficient, and have better visuals at a given compute level, than running games in a general-purpose OS.
With PS5 Pro, we are upgrading to a GPU that
has 67% more Compute Units than the current PS5
console and 28% faster memory. Overall, this
enables up to 45% faster rendering for gameplay,
making the experience much smoother.
It's not clear to me that this will outperform a 4060. Based on some quick Googling, an RTX 4060 has about 50% more teraflops than a base PS5. Seems to me that this is more likely to bring the PS5 Pro up to par with an RTX 4060.
Searching for "gaming PC" on Slickdeals and taking the first few non-laptop deals, I see:
Might be able to go a little lower with a DIY build, switching to AMD, etc. Anyway, the PCs are a little more pricy for sure, but they're also general purpose computers so... that's worth something...
On the flip side, if you can't build such a machine now, you never have to invest any time in learning by just buying a console. Your money will get you a little less (because of the "console tax") but it's available right now.