You assume that 5G is used to compete against home consoles but have you ever thought that it can be used to also augment ownership of those said systems ?
5G alone won't bring you any gaming value, it only brings you data value which could be potentially used for streaming content. 5G is arguably more of a threat to Nintendo since potential customers can get a superior experience by streaming their games from their home systems (whether it'd be from consoles or not) to their portable devices over the 5G networks ...
Think about it, you only have to carry a single portable 5G device while you don't have to carry any other system including the Switch for high-end gaming purposes ...
If home consoles are obsoleted by 5G then so is Nintendo as well ... (unless they were designing 5G modems/RF modules like Samsung, Huawei, or Qualcomm were too to have 5G capable devices)
