The PS5 Pro is $1,000 at Best Buy right now, you can buy a pretty decent PC for about that much right now. So no, absolutely not worth buying a console right now. I would suggest waiting until the PS6 is 2 years old and try buying a used gen2 PS5 or see if you can find a used gen1 PS5 for cheap now. If you're going to spend the money then don't pay more than you have to. I would sell my PS5 if I wasn't still using it as a 4k Blueray player. I would bet that the PS6 generation will be the last home console generation, the future will be cloud/streaming, but still cost way too much.

The exclusives library is pretty thin for consoles, so unless you just prefer the console experience then I would suggest going PC. A lot of exclusives are getting ported anyway.

As for the "no disc" thing, that's been the trend since the PS4 generation. PCs have been no disc for decades but the issue with consoles is the monopoly of the manufacturer, the only loophole was to purchase used games, but the manufacturers are closing that loop. Owning the disc doesn't really mean that you can still play the game if Sony stops supporting the console anyway. At least when a PC game is no longer supported then it usually gets a DRM patch from stores like GOG and AbandonWare or from a hack.