The console cycle is forced to reduce from 7 years to around 5 years, because the PC is improving too fast (especially GPU).
However, IMO, Sony is in the right direction. They are now making the new rule of the game. They force the game manufacture must make a game that able to play on BOTH consoles (PS4 and PS4K). That means they can now go to the tick tock cycle.
On the new upgrade, they can again force the software provide must make a game that can support both PS5 and PS4K. So, even though the life cycle is reduced to 5, but since the game is support in both generation. In another point of view, it effectively extend the life cycle of a single console to 10 years (for those who cannot afford keep upgrading the hardware). This is a win win situation.
For someone who willing to pay and looking for better performance, buy the new stuff ever generation. Otherwise, buy every other generation. And no matter belongs which group, they can always play together on the same games.
It was not possible in the pass, but since the consoles now are PC base, as long as they keep the next console is just a "stronger PC" (compare to the last console), it should be very easy easy to make a game which can run on both platforms.