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The graphics performance described is about comparable to an RX 7700XT. 

Here is a PC for about $900 that should be roughly comparable. 

https://pcpartpicker.com/list/dtLtwg

Yes, still more than $700, but I picked the parts in 5 minutes and didn't look for any deals. Add on a few years of PS Plus and it is a wash, pretty much. 

Edit: I plan to get a PS5 Pro anyway, because I need a second PS5 for my partner's house and I am hoping for better native resolution in VR titles.