I sincerely doubt it.. what a naive take.. Nintendo, PS5, these consoles are clearly attempts to push gaming in new directions, the idea that they would just stop midway through this clear attempt to perpetuate the medium is just silly.
The XSX is another question.. Microsoft seems to have not realised that the power advantage they enjoyed with the og xbox a) can't be replicated when the console is launched at the same time as that generation's PlayStation, and b) doesn't make as much difference to visuals etc, thanks to the way gaming engines have spent the last 6 odd years trying to keep games looking better without over taxing 2013 consoles~
Microsoft are looking like console pariahs at the moment because they've built the ultimate console for a Halo:CE style game changer but nothing they do could possible change the console game in the same way.. so they've jettisoned all pretence of AAA aspirations and are looking for iterative gameplay models to make more money from micro and subs..
So yeah maybe next generation they'll just try to make something like a switch for FPS fans~
But no, consoles are nowhere near done. I doubt they ever will be...
... Unless it becomes something digital that can be streamed to your tv, since that would presumably hugely reduce the environmental impact..
.. so yeah, if they get quantum computers going, i predict one day having a console that is a single quantum computer in Japan streaming games to hundreds of millions of users' sony 16k TVs simultaneously.
Edit: my concept for the xSwitch, the next generation of xBox that wants to make elite fps gaming portable... It's a controller you connect with Bluetooth to your tv and WiFi 6 to your network, and the controller itself is the console, with a hella robust streaming system a la Vita... So you can go to any Bluetooth pc, pull your controller out of your bag, plug in and compete for rankings in cod...
You would become this guy:
(He's holding a white dualshock 1, anyone who doesn't know)