That seems a bit overzealous, most consoles[0] run on AMD chips today.

Both PS 5 and Xbox are based on AMD APUs and both serve the AAA market quite well. GTA 6, Assassin's Creed and CoD are probably good enough indicators that the performance is enough, even if there is always room for more (as PC ports show). The PC market will also probably be fine even if stagnation in perfomance gains has been creeping in for a few years now.

[0]: except Nintendo which relies on NVIDIA although their APU there focuses more on efficiency than top performance.