Where we are today with graphic cards and processors for PC. The need to jump to newer stuff constantly isn't a must at this point and time. Yes a newer graphic card like Nvidia RTX series with ray tracing would be a reason to jump to the next level, but it isn't stopping you from enjoying graphics at an already high level. Were talking a level that consoles can't touch and is something that would last you years ever before needing to be replaced.
Right now a AMD Ryzen 7 2700x CPU that cost $169.99 and a AMD RX 5700 GPU at $329.99 performs on the level of an Intel 6600k CPU $240.99 with 2 Nvidia GTX 1080 ti GPU at $800 each. That's $500 for today's gear vs $1840 for gear 3 years ago for the same performance level.
For a grand. You could have a PC that has all the bells and whistles, RGB lighting fans, RGB Motherboard, RGB Ram , NVMe Solid State Drive with 500gb, Windows 10 PRO, full modular 550 EVGA power supply, 2700x and a RX 5700. That right there would run any game on ultra and not flinch. Plus it's not something that you would have to replace anytime soon because most games on PC have longer life spans vs console. PC gamers are more dedicated to the games they choose vs console gamer that jump on anything that pops out.
Also today's CPU at least made by AMD are great at multitasking. Where you can game, stream or run really demanding programs at the same time and not struggle. Running multiple monitors with true 4k capabilities not some up scaling crap.
I'm on my 2nd Xbox. Not because the 1st broke, but because it was the big block one and it was slow. So i bought an S 1tb when they came out. I paid $499.99 for the original and $349.99 for the 2nd. So in 7 years i spent about $850 on consoles. I just replaced my gaming rig that i had during the same time frame. I replaced it because it was aged but it did it's job for 6 years and is still going. I just wanted to upgrade to the Ryzen series and the RX series.
It's all about what you want but you don't always have to upgrade a PC. Right now is a great time to make the jump imo.