Keep in mind that the only thing the Play Station and PlayStation share is the name. If you ever expect something like a combined PS1 and SNES to turn up then I can guarantee you'll be very disappointed. What made you think it "had to have some power to it"?
The PS1 could poorly emulate a nes, but not a snes. But as this has zero to do with the PS1 then it's irrelevant.
The Play Station didn't have a faster CPU, better graphics, better sound etc. The patent for video playback shows that it just decrypted animation to PPU tiles. There is a DSP which we don't know much about, which may have been similar to one of the DSP used in some SNES cartridges. Only when the SNES CD came along in 1993 with a built in superfx did the SNES really get more powerful. When the SNES CD died because of the impending PS1, the superfx was put onto the game cartridge and we've seen what that can do already.
The superfx was started prior to the SNES launch in 1990, but wasn't released until 1993. It's therefore possible that superfx would have been included in the Play Station when it hit retail, but wasn't available when building the prototype in 1992. It's also possible that Nintendo would just keep the superfx for itself because Sony tried to screw them with the Play Station contract.
None of the PS1 hardware existed in 1992. It was all developed after the Play Station project was scrapped.