Yes, but it’s marketed as also just a PC. Yet, it cannot be upgraded and you cannot use an eGPU. This makes it a terrible choice for PC gamers.
The thing about consoles is that they can be guaranteed to play all the games that are available for them at 30 fps minimum, but more often 60 fps or greater. The thing about the Steam Machine is that it certainly cannot play all the games available to it even just from the Steam store itself. On top of that, it is not at all upgradable so you’re stuck never being able to play those games on this “console.” The whole point of the Steam Machine was to be a dedicated gaming PC that also feels like a console. They have thoroughly missed the mark on that.
You will soon see people who “just want to connect and play” complaining that they cannot play the game they want to on the Steam store, and cannot even upgrade their PC to be able to play it.