Yes, but I don't think it will last long and I think MS will commit to multiplat releases of pretty much all their titles in about 2-4 years give or take.
They'll just release it as way for someone to play who specifically just wants MS games for whatever reason or needs a GamePass box and doesn't want to buy a PC.
I don't think they will be willing to subsidize it massively either, meaning it won't be sold at like a $150+/unit loss of something like that. I can see it becoming more like their Surface Tablets, which aren't cheap.
I also think to that end it basically is not going to sell very well. No one is going to buy that when they know they can get those same games eventually on other platforms and still get all the extra stuff those other platforms have. It's just something they will release for a small audience that wants it and it will fizzle out.