A handheld to play PS5 games is pointless now.
It would not have it's own games and you won't be putting your discs there.
So it's a PS Portal that can download games to play last gen games (by then) and that you can't play your disc games into.
If it can play PS6 new released games, meaning from now on console games are full PC games with low quality modes that can be upscalled with PSSR2, then maybe.
Even so, people woule rather enjoy God of War 6 on a big screen rather than that.
The Vita failed for a lot of reasons, and one of them is that people don't want compromised versions of the high profile games, they want either a new thing or a proper high profile game.