Definitely not a third. A $500USD Xbox Series X or PS5 has about the same performance as a ~600-650 PC in the current market maybe. They sell at a small loss (or used to), because they intend to get significantly more back from you via subscription payments. Most people want to actually be able to play games they paid for online or use basic online services, so after like 5 years you’ve already spent another 300 (xbox) to 500 (playstation) assuming you buy the cheapest option annually.
On console you also have significantly less choice for peripherals and pay more for games, a lot of extra money spent for most people. With PC you can spend way less to get the functionality you need.
Plus if you like pirating, you can consider that a few hundred dollars in savings on games… considering you don’t pay for them and all.