You don't need the latest and greatest in either case. If you were to slap any recent budget GPU into a Dell Optiplex or similar that can be found for cheap, then pick up an Xbox Series S for $300 or less, you'd have a PC for eSports titles, older games, checking out free game giveaways like on Epic and GOG, plenty of Prime Gaming games if a Prime member, and anything with lower system requirements, then a box that'll get games for the next ~7 years, can do game emulation when in the $20 developer mode, and has a $15/mo gaming Netflix subscription that is regularly updated and hundreds of titles strong.

That's a lot of value, and with the prices I've seen it'd come out to about $700 or less before any subscriptions come into play, which have also gotten way less necessary recently thanks to the rise of F2P titles.