For me it is close between games and price cut. If there is a game that is really good on the system, like Breath of the Wild, then I will pay full price just to get it. Otherwise I look for a decent price cut. Looking back I've done a fair amount of both.
NES - games, specifically Super Mario Bros.
SNES - games, Super Mario World with a promise of Link to the Past a few months later
Genesis - Price cut
PS1 - games, Final Fantasy 7
PS2 - was a gift, so price cut? (free?)
GBA - holiday gift after a huge price cut
DS - Price cut
Gamecube - Price cut, got it at a real low price after Wii released
Wii - games, New Super Mario Wii
PS3 - price cut
Wii U - daughter begged me to get it ("other" for this one) 
3DS - Price cut
PS4 - Free, so price cut
Switch - games, Breath of the Wild
So for me it is often price cut, but if the games are exceptionally good, then price doesn't matter too much.
curl-6 bet me that PS5 + X|S sales would reach 56m before year end 2023 and he was right.
My Bet With curl-6
My Threads:
Master Thread, Game of the Year/Decade
Switch Will Be #1 All Time
Zelda Will Outsell Mario (Achieved)
How Much Will MH Rise sell?
My Bet With Metallox
