Sony isn't going to put any serious first party resources into a portable console so it is a dead end.
Heck, they have their hands full as it is with PS5 and PSVR 2 support.
I doubt they're going back into portable as an independent platform like the PSP/Vita, but I think they could try again with a playstation phone or some android solution. Still a very low chance of success, nintendo really cornered the portable market.
With their investment in so many support studios, they can do a lot of ports whether for PC or a new portable, or literally for android/iphone. Streaming is now a potent service for a new portable, and they even indicated they actually want to expand their popular franchises into mobile.
So this wouldn't be using much resources from their main first party studios. Acquisitions can be for port support, and that makes whole projects from first parties more profitable and a wider audience for the types of games that don't absolutely need a PS5/PC level of power and storage.
For PSVR2, it was rumored that Sony is focusing on having a VR option in tehir big AAA games, in contrast to the early experimental VR short experiences. So again not such a big burden on first party studios, at least not nearly as much as having a completely separate production for VR-only games.