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.