Indeed. The PS5 solution is a cost-effective one, tailored towards the rest of the system, API etc. Better than other platforms? Nah it isnt. Modern GPUs happen to be excellent for those applications (decompression/compression/parralell math), you get gobs of available BW/raw speeds as some new tests have shown way and way above what the PS5's fixed function blocks can achieve. Another advantage is scalability, you can scale along with more TF's available in the future, besides flexibility.
PS5 might be marginally more efficient as pointed out by others here, however the pc solution seems to be much more capable, much faster speeds, more flexible and it can scale along into the future, You also get the added benefit of lower latency due to DDR ram><CPU operations.
Dedicated GPU/CPU BW ensures theres tons of GB/s to play with, no contention there. The PS5 is a cost vs performance consideration at around a BOM of 500. The PC isnt restricted there.
Doubting the bolded part of your comment. A modern-day pc (Zen3/PCIE4 or 5/RTX3000 and newer) together with W11/DirectStorage teamed to a blazing fast modern nvme drive has virtually no disadvantages against the PS5's setup really. GPU is taking care of decompression, the heaviest part today on the CPU. DS will move that to the GPU as demo'ed results in almost 0% cpu usage. Theres no need to go above PS5-CPU specs to match or exceed it.