Neither nor.
PS Classic
(here seen with 30k games on a 256GB USB drive)
Cost:
20 USD for the base system (incl. 2 USB controllers)
15 USD for a USB stick
2 USD for a USB OTG adapter
8 USD for a used 8bitdo USB dongle
50 USD for a PS4 controller (if you want wireless controller capabilities, would also work with PS3 controllers)
(First install Bleemsync and the OTG Kernel (using an old, small, slow (usb2.0) USB drive formated to fat32 and named SONY), then format the bigger USB drive to exfat, and use it with either Bleemsync or Autobleem over the OTG adapter/cable. The USB ports in front of the PS Classic only deliver sub par amperage, so only older, smaller usb2.0 USB drives work on them. For the back USB port with an OTG adapter, there are no such limitations. Also the new kernel also installs exfat (and ntfs) support.
Thats the most you need to know about the setup procedure. The rest is just copying files to the USB drive and getting to know Retroarch.

For manual/automated retroarch playlist creation read this:
https://gbatemp.net/threads/playstation-classic.522781/page-41#post-8575050 )
or
nVidia Shield TV refresh (expected to be released around the Google Stadia launch).
Pi4 is now roughly able to run most Dreamcast games (which the PSClassic can not (PSClassic is more performant than a Pi3)) - but the nVidia Shield TV refresh should be more economical, with higher performance, easier setup - more usecases, and so on and so forth.
Pi always has been a scene of people willing to overpay to have it harder. essentially. There is an entire market for that.
(I use a Pie as a color accurate pattern generator for calibration, and will maybe create a Google Home hat made out of a Pi ('privacy') as a new project - but apart from that there never were many usecases - that made actual economic sense. As well as being cool - for the platform.)
The Switch is not optimal for the usecase either - because with l4t you are loosing ease of use, you are paying a premium for the brand, and a premium for the screen you dont use, and... the nVidia Shield TV refresh will be less costly and more performant upon release.