I've thought about this question a lot, and I think the right answer is either gaming PC or PS5, depending on your budget.
Price: Consoles obviously far cheaper than getting a whole new PC. I don't think the difference between PS5 and Xbox X is so great that it makes a difference. Games are a lot cheaper on PC though, so depending on how much you intend on spending on games over the years, this may even out.
Performance: Depends on the PC, but if you want top of the line, PC specs are far ahead. PS5 is the least of the options, based on specs alone. On the other hand, games are generally optimised for consoles, so maybe the difference wouldn't be that great regardless? There's some interesting discussions around this in the PS5 and PC threads.
Game range: IMO this is where the real question is. There are very few Xbox X exclusives, so it's a lot less appealing for me. If I'm not mistaken there are very few Xbox games that you won't be able to play on PC. I haven't got a PS4, so there are games that I've wanted to play for a long time that I'll be able to play on PS5, like Ghost of Tsushima, Last of Us 2, Final Fantasy 7, Spider-Man etc. However, I have a decent PC already and can probably play the games I want at a push for a few years.
Living situation: I personally prefer to be able to play games in my living room, plugged into my nice TV/soundbar, hanging out with the wife, rather than in a corner on my own. That means a console is generally better. A tower sitting next to the TV is not going to impress the wife, while you'd have to pay through the nose for a laptop that's actually capable of playing games at 4K. On the other hand, if you plan on playing games in your man cave, a PC is maybe more feasible.
Controller vs keyboard/mouse: Do you prefer to play games with a controller or a keyboard? You can do both with a PC for most newer games, but it's more limited the other way around. I personally find shooters to be extremely frustrating to play with a controller most of the time (there are exceptions). It's not that I'm any good but on a controller I'm even worse. Of course, if you prefer a controller anyway, it doesn't really matter.
VR This is speculative, and relates to the hardware power question. I'm very happy to be corrected, but my sense is that latest tech might get you a bit further on a more powerful machine for VR for PC. Depending on the progress of game development over the next few years for VR, and whether VR gaming means anything to you, it may be worth getting a good PC for this alone?
Upgradeability It's a lot easier to upgrade a PC than to upgrade a console. With that said, if you're planning on paying top of the line for new GPU, it's probably not cheaper to upgrade. I've never quite understood the logic around this, unless you're making very incremental upgrades to your machine.