There have been leaks alleging that it runs (or can run) Android, although those have not been confirmed.
I don’t see that the hardware has been confirmed, but… Do they even still make new processors that wouldn’t be able to handle PPSSPP? Maybe not God of War, and maybe not upscaled fully. This isn’t like your typical cheap Chinese handheld using 6 year old processors that were designed to be budget at the time: this is going to be a modern chip, albeit not a super powerful one.
Basically if it runs Android id expect it to be similar to the GCloud.