It does exist: Digital Foundry has also confirmed that Sony is developing a full-fledged portable console, and the first prototypes may already be in the works

We wrote that Sony is rumoured to be working on a full-fledged portable console that can run games from PlayStation 5. Now, Digital Foundry has revealed a few more details.

Here's What We Know

John Linneman from Digital Foundry said that he heard about the upcoming portable device several months ago from several sources.

So this is another confirmation that Sony is indeed working on a full-fledged portable console.

It also seems to John that there are already first prototypes, and the release may take place much earlier than Bloomberg suggested. So perhaps we will have a full-fledged portable PlayStation console at the end of the PS5 era.

Source: Digital Foundry