You have spoken the truth. Although I think once people realize we're in a similar situation to last gen with underpowered hardware, we could see mid gen refreshes happening again.
I don't think we are in the same situation. last gen consoles were pure dogshit even the day they released the GPU was 2 years outdated and the CPU was a fucking joke.
Jaguar CPU cores are so bad that you couldn't even really run Windows with such a CPU. it's like using windows on one of those super cheap tiny Net-Books
the reason the Xbox One and PS4 can still run modern games is because developers bend over backwards in order to tailor their games and engines to run on their shitty hardware, because ultimately that's where the money is... the console versions.
this is also why we had this era in PC gaming with people playing new games at 200+fps on relatively normal PC hardware in the first place.