What is interesting is that streaming gaming has not filled this market space and on device processing is still more favorable. If you think about it the ps5 streaming controller thing is already a portable ps5, they just have to move the processing to their servers. If anything, this tells us streaming is just not there yet for the vast majority and portable consoles will continue to do their own processing for the foreseeable future.
There are just to many restrictions on streaming. For local streaming you need to first, buy the original console and then buy additional hardware to stream to. And then you are still tied to a single network.
For cloud streaming you need to have a reasonably fast and reliable internet connection which is just not conducive to many of the situations one would want a portable console for.
They have just released a beta of streaming directly from cloud. Don't know if there are any limitations, but if everything goes well, it may release officially in a few months.