Tbh the ps3's cell processor would still hold its own today if it were developed for. In 2019 there were still articles coming out stating it still outperformed Intel's chips. Which meant AMD wasn't yet even that close.
The base model of last gen consoles suffered most from the bandwidth restraints. Ya, they were mid-tier cpu's at best even when they were announced. You'd see an improvement from slapping an ssd into one, but being sata2 meant you weren't even reaching the potential of the average consumer grade ssd at the time. On the ps4 pro at least the system was able to leverage the ssd and you saw nearly what you'd expect.
The last gen should be easier to emulate in a sense, but copyright protection and even single player games requiring a connection is going to be an issue. Then you need to factor in most games released in a near unplayable state w/o day zero patches. So emulation might be easy, but its going to take dedication to get each game up and running as intended. And that... well, we'll see.