If they did a non hybrid.... and just aimed for parity with the switch portable, and just much much cheaper?
Honestly probably yes.
If sony went super hardcore on price/performance, they could make a 149$ handheld that would be equal to the Switch in portable mode (but not docked).
At that price differnce, sony would have a shot of winning the race for handheld leader.
Switch is too expensive to get mass adoption by handheld owners, imo atm.
How many handhelds have success at 299$?