There's no such thing as "PS4 level power" ... it's irrelevant today, I'm not sure why so many of you can't understand that PS4 power is only relevant to a system from that time period using that exact class of chip (GCN2 era chipsets which are ancient).
The moment you're talking about architecture that 3-4 generations ahead of that, the comparison becomes meaningless because modern chips can run modern engine games a PS4 can't.
Also not sure why people here fixate solely on consoles, the more relevant comparable may well be the Steam Deck, the Steam Deck runs almost every PS5-era title. Now you can whine and moan and gate keep all you want about you refuse to play games at this setting or this frame rate, but you don't speak for everyone or even close to everyone, it's like those audio elitists who look down at every sound bar because it's not a proper giant sized set of speakers. Like no one cares. Also those games on Steam Deck are not even really optimized specifically for the Steam Deck hardware, they're just PC games with settings sliders changed a bit, the Steam Deck would be able to run all those more demanding games better if the developer actually sat down with a full dev team and spent 6-8 months specifically optimizing just for Steam Deck hardware like console ports have the benefit of. This is a huge, huge difference, people are stupid if they're just going to hand wave that away. With better optimization pretty much all of those more demanding Steam Deck games would be able to run at a higher frame rate and/or resolution/effects settings.
Steam Deck and now ROG Ally are basically their own class of machine. Engines are much more scalable today and comparing to devices that have no internal fan and are pocket sized like an iPhone makes no sense either. Switch 2 is a tablet sized portable with an active fan, it's more logical to compare to a full size iPad and a full size modern iPad would be able to run lots of PS5 games if developers wanted to port them. And even there iPads don't even have the benefit of active cooling and a "docked mode" when connected to power which the Switch 2 will have, they have to run off passive cooling all the time.
The power of the chip is not the issue on those devices, it's the size of the system (bigger = easier to cool) and whether you have an active fan or not, the chip in the current iPhones can perform a lot higher if it was allowed to run at full performance and had active cooling.