Yes. There's a peer thread below this one with more examples, but in general the biggest (and most relevant) cost you're looking at with a new computer is the video card. And a PS5 level video card is the RX 6700 XT which is like $200-$300. If you're willing to purchase second hand you can go substantially lower.
I suspect most of us are of a vaguely similar age, and when "we" were growing up, PC gaming was ridiculously expensive. A new gaming PC was thousands of dollars and then obsolete within a couple of years, leaving you constantly checking new release 'minimum system requirements.' It was quite painful and a big reason I (and I suspect others) migrated to console gaming. But now a days? I have a relatively old PC and never even bother looking at spec requirements - it'll run it, just fine.
I used to budget the bulk of my yearly tax refund for a PC upgrade of some kind. A bit over $1k every year. Something was always due for a replacement in an endless treadmill of avoiding total system obsolescence.
Now, shit just lasts forever. I upgraded from a 1st gen i7 920 _this year_ into some mid-range Ryzen 5. I'm still using the 2070 RTX I bought over 5 years ago to power the HTC Vive and a 1440p monitor; with this new CPU the gfx card is finally getting a workout and has become the bottleneck while also giving me a massively better experience.
I'm tempted by the 9070 graphics cards but honestly, I just don't need it. I can tweak settings on any AAA game and get ~50fps of real frames and I'm just fine with that. I probably won't upgrade the graphics card until I pick up a dramatically better display device that requires it. Maybe the Frame will push the issue, maybe it won't.
I suspect most of us are of a vaguely similar age, and when "we" were growing up, PC gaming was ridiculously expensive. A new gaming PC was thousands of dollars and then obsolete within a couple of years, leaving you constantly checking new release 'minimum system requirements.' It was quite painful and a big reason I (and I suspect others) migrated to console gaming. But now a days? I have a relatively old PC and never even bother looking at spec requirements - it'll run it, just fine.