Ok, admittedly mostly speculation as I'm not knowledgeable at all with whatever software layers are running on ANY of the Xbox hardware. However some assumptions can be made:
I'd guess that at the heart is a stripped down Windows Kernel with at least enough of it to host the API's needed for I/O and play games.
The entire software stack could run on most any modern x86 equal or better PC hardware.
The only real 'secrete sauce' is the custom AMD APU that powers it. If and when AMD ever matches up their 'high end' iGPU chiplette's with medium or low TDP (and/or cost) CPU's making for a 'budget gaming' APU, that could be fitted into mini-PC's and/or laptops the Console market might vanish entirely.
I'd be willing to bet that AMD's agreements with Sony & Microsoft as such that AMD won't release competing APU's to other market segments, lest they'd sabotage ether or both Sony PS & MS Xbox sales/markets.
Xbox fans expecting an innovative concept for a new console might feel disappointed. Jez Corden thinks that the creation will take the form of a gaming PC. Call of Duty 2026 developers may already have the specs of Microsoft's next console.
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