The PS4 and PS5 have been jailbroken numerous times,
but...1) Their secure boot implementation has never been broken, which means you can't upgrade from an exploitable version N firmware to a non-exploitable version N+1 while persisting a backdoor like you could on older systems like the PS3. You're stuck at version N until another exploit is found.
2) They rotate the crypto keys used for online play with every new firmware so they can easily lock those old exploitable firmwares out of online play for good, even if they try to spoof their version number. There's no getting around not having the new keys.
Meanwhile the Xbox One took a decade to get even a limited jailbreak that allows arbitrary code execution inside the game sandbox, but can't escape the game sandbox to take over the kernel, and the Xbox Series systems have yet to be jailbroken at all on any firmware.
Hypothetically being able to break anything with physical access doesn't count for much in practice if the thing you want to physically attack is buried inside a <7nm silicon die, doesn't trust anything outside of itself, and has countermeasures against fault injection attacks. The Switch may well be the last big victory for console hackers, the writing has been on the wall for years now.