No. There's so many things wrong in the OP.
1. Power consumption.
2. ARM's top tier GPU in five years won't be anywhere close to PS4's lol.
3. By time the PS5 released the gap would become even wider.
4. Bigger chips with bigger power consumption will advance just as ARM has, albeit at a smaller rate, the graphic standards at which PC Gamers and PS5 gamers will be accustomed to will make mobile platform's GPU's, which should only be JUST above PS3 level IF you ignore the power consumption, look outdated.
5. Controllers.
6. Casuals who game on dedicated home consoles will not stop gaming there to game on phones and tablets, mostly because tablets are used for mini-games, unless you mean the Wii Crowd, who're already out of the fray.
7. The Cloud? lolno
8. Local hardware will always be more efficient than the cloud and will always be what the consumer wants, the cloud has to allocate a certain amount of resources to the user, and with the power draw, I imagine the cloud being a more expensive and dangerous endeavor, now, when google fiber becomes the norm, it could theoretically enhance the PS4 and Xbone's graphics and whatnot, but not for free as they would once again have to allocate resources in the cloud, which costs the company, which financially makes no sense unless they charge for it.
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