As a follow up to Microsofts "Windows on Everything" mantra I believe that "XBox on Everything" is coming next.
Granted 'cloud gaming' can already accomplish this however to enable ditching x86 Microsoft will need to get "XBox on Arm" running natively.
While the Snapdragon & even Apple GPU chips are fairly weak as compared to what is available in the x86 space, IMHO Microsoft needs to sweeten the 'WIN-on-Arm' least it becomes another failed venture.
In a recent interview with Bloomberg, Phil Spencer said Microsoft has no immediate plans to release a handheld console. Instead, it is looking to make the Xbox app accessible on existing Windows-based handhelds.