I don’t doubt it… Nintendo is always years behind.
The PS5 came out in 2020 and this Switch2 is probably a year away. So that would make their hardware be roughly 4 years old in terms of power. Plus if this is roughly the size of the current Switch, it won’t be pushing more than HD-resolutions (current Switch is only a 720 display), so getting PS5-level graphics on a 1080 screen these days is not particularly complicated or expensive.