The purpose of anything boils down to application.
A $300k Ferrari is a toy if it's simply used to cruise and look good on weekends.
A $2k custom built PC is a toy if it's only used to play games on max settings.
Firearms are toys if they are only used for amusement rather than developing skills of debatable value.
A cluster of PS2s were used to guide missiles by the Iraqi Army.
Similarly, any computational device could be used for "serious" or military applications or for code cracking or data crunching with no regard to its ability to play games.
The US Army had a giant cluster of PS3s that I can guarantee wasn't being used to play games.
If you're using your game console primarily to play games (novel concept), then yes; it's a toy for your entertainment value.
If you're using a cluster of consoles to render video, crunch numbers, crack codes, etc. because they provide cheap, reliable, consistent processing performance, the "toy" label becomes pretty debatable.