That's my point. A console priced PC will not last you a full generation, while a console will, if you want something that will last a full gen you will need to pay about $250 more than you would spend on a console.
On Xbox I have access to both Gamepass and Gamefly/Redbox, so I can play the latest 1st party exclusives day one on Gamepass plus older 3rd parties, and the latest 3rd parties by renting them with Gamefly or Redbox, without needing to spend $60 per game.
Using the price argument against all else does not equate it to being the same value as all other advantages PC has. This is something that's irked me debate wise for years now, primarily because people act and like to believe (truly believe) that price>literally any advantage in any known universe, despite the common act that the price point can be done away with in a myriad of ways, yet the advantages remain there and they evolve.
If the price point is a concern, then you're simply doing away with all the other advantages for sticking with £500, because yes you can get a build for that price, but if your entire and future mindset is only fixed on higher visuals and performance throughout 8-10 years, then yeah, you're going to most definitely have to upgrade a part or two. If you aren't interested in what I'd previously mentioned in terms of building a PC, then yes, you can just dial down some settings to play the games at that spec over the years. Again, if high visuals/performance is your go to like mine is, then the upgrade has to come at some point in time, that goes completely without saying, but at the same time those upgrades bring their own pros, with the one con being, you guessed it, just money, which is a common theme in just about every facet of life, from bills to medicine to healthcare, to loans etc, all a common surmountable issue to look at when it comes to money, but that's something you have to sort out yourself.
Also, while we're on about the price argument, you're forgetting the fact that you have to pay to play online for consoles, a price factor which racks up over time, both to play MP online and gain access to some games per month. PC only has you paying a sub fee for some MMO's, but on consoles you've not only got the sub, but also the general MP tax to pay as well, so both stack up together all the more. There is no argument that can state paying double is superior and worthwhile compared to just not paying anything and playing it online for free. The hw gains for spending that £250+free online makes for an objectively superior package.
I get that some folk like to think £750 is a lot, but then I look at mobile phones, cars, TV's, tablets, sports equipment, games, 3 consoles, 3 refresh console systems, and so much more, which many millions buy into on a monthly/yearly basis, and it all adds up, so if they claim an extra £250 is too much let alone £750, then they aren't paying attention to what they actually spend money on, because people tend to spend a lot. This is exactly why I loathe the era that Netflix has brought into the media realm, because now everyone wants their own streaming network, and everyone does this, one person who wants all the content has to sub to them all, then bam!, it all adds up and you're basically at segregated cable TV all over again, and that's honestly the biggest, most shittiest deal on the planet, because no one wants a middle-man anymore, just 100% of the control+cut of the profits.
Imo, £750 is nothing compared to many of those I listed above, doesn't matter with the whole "but I don't think it's worth it", because if you're buying the latest iphone, or the combo listed above, then you're just throwing your money away at many a thing, but suddenly choose to put little value into something that gives you many net gains, hell jobs too (like making movies, livesstreaming, podcasting, drawing, making video games, online teaching etc, the list goes on).