In 2000, The PS2 had 3D games that looked better than anything on 600Mhz AMD/Intel PCs with their SLI voodoo2 and Riva TNTs. and consoles reclaimed the crown...except for games relying on high resolutions to work.
No it didn't. Giants: Citizen Kabuto was arguably the best looking thing that year, pushing large outdoor 3d spaces vs. small often indoor contained spaces, with large draw distances, lots of units on screen, and one of the first games to include bump mapping. The 2001 PS2 version couldn't run it as well as the best PCs from a year ago, with reduced texture resolution, washed out colors, and environments had sparser objects/detail. The Dreamcast on launch was comparable to high-end PCs though.
The 360 on launch was also comparable to high-end PCs of the time, and largely because it's architecture was unique with recent advancements in addition to unified memory. Still it took only months before it was noticeably surpassed, and Oblivion was the first title where I noticed my 360 falling behind my roommate at the time's new PC. 3d Accelerator cards were the shifting point where PCs started edging out consoles, and the gap inevitably grew over time.
No point in asking if a mid-range PC will beat 2019's consoles on launch, when mid-range PCs beat the PS4
BEFORE it launched. The mid-range gtx 760 for example came out in early 2013, and trumped in benchmarks for launch titles. Mere months after the PS4 launched the even cheaper gtx 750ti released, still beating PS4 performance in games that released a full year later like CoD: Advanced Warfare in Fall 2014.
The point has been already been reached, and with new PC APIs aimed at lower-level optimization...consoles will have a harder time. However, our ISPs could get off their asses, giving us fiber, and maybe hardware stops mattering.