Yes and no. If all you really want to do is emulation of n64 or older consoles, older games and media at 1080p you can build a box for pretty damn cheap. Older and used parts, reusing bits frombold systems. Etc.
It may even come in at less than. The older consoles (not counting periferals). But generally speaking even a cheap, home built (or discounted) PC is gonna run more than the consoles. Even if it’s just slightly above the latest a greatest.
But it will absolutely do more. Much more, have more responsibility, probably a longer life. There’s your trade off. Pcs are more expensive because they simply contain more stuff. And aren’t sold as loss leaders the way consoles are.
But your graphics card is gonna be your most expensive part. There are processors that are more expensive than top of the line consumer/gaming cards. But they’re unnecessary for gaming. Largely consumer grade productivity chips.
MEANWHILE.
Emulation is weird. You need quite a bit more power than the original device had. Though n64 shouldn’t be a problem for a budget gaming PC.
But you also need to realize that working from the original game files you’re taking a 480i 4:3 (SD resolution) And updating it to 1080p or higher 16:9. It’s not going to look as good or glorious as you think. And you may get a lot of weird. Many emulators can compensate. Smoothing text subbing on higher textures. But if your goal is only vintage games on your TV. You’ll have a much smoother time sticking to console and playing the official re-releases. Though selection is lower. Though a good number of the 3rd party games have started to pop up in playable form on steam.