I'm pretty sure it is. I've heard rhe name Project Helix being tossed around which is likely to change. I think they're going to call it a console, but really its just a PC (well, more of a PC than the last couple of gens). I think this is something different though.
At least since the PS3/360 era (exluding the OG Xbox), the PS4 and One were definitely PCs. I'm slowly warming to ditching consoles and just going PC. Too much PTSD from getting games at Christmas and them not running our computer growing up haha
I think by its very nature it will have to. There will always be a need for commerical emulators, but those seem to be pretty limited and never seem up to snuff with the emulators that are open source. I look at the stuff on the Switch, take the SNES for example, and whatever emulator it uses (Canoe maybe?), it pales in comparison to Snes9x or BSNES