If you're asking if Nintendo will compete in the main console market again, then the answer is no, that ship has long sailed. The reason Nintendo abandoned that battle is because it became increasingly difficult and expensive to do so while differentiating themselves. By 2001 they were not only going up against Sony, but also Microsoft, and both had a lot more momentum and enthusiasm behind them than they did with the GameCube.
The core underlying problem with the GameCube is that it offered nothing the PS2 or Xbox couldn't already give you. Those systems already had solid controllers, great graphics, great exclusives. They just offered more. That's why Nintendo decided to forge a new path from the Wii onward, it's a way to fill underserved holes in the gaming industry, instead of competing in a heavily competitive and cut-throat market. As the saying goes, 2 is company, but 3 is a crowd.
Nintendo could theoretically do a traditional, set-top console that competed with the PS5 and Xbox. The question is, why would they do that? And what exactly would they gain from it? They already have great sales, a solid lineup, and positive momentum going for their current strategy. The only thing they would gain is maybe day and date releases of big AAA titles, but that's about it.