I have PS4 for over 5 years and never have a problem with it. No heating and shutting down at all. I played alot when its rain or outside is chilly in semi tropical area.
For me, I will get a PS5 because I already reserve one today for January 2021.
I think cleaning the vents is an easy fix, but honestly at this point, you'll probably appreciate having a new console more? Not only will you have PS4 BC but also access to the new games. If it were me, I'd go for it at least.
Since you live in the US if it is still working just trade it into GameStop and get your $125 credit for the PS5. You better do it soon before it completely die on you
I cleaned all the dust out and it lasted for 6 to 7 hours put it on sleep mode and a little later it was off.
The fans not loud at all but when I turned it on I had to move the HDMI cable a little then it came on.
So if it losses hdmi connection will the ps4 cut off.