The Raspberry Pi 5 is a popular single board computer for building retro gaming emulation machines, but has historically struggled to emulate anything higher than a PlayStation Portable or Dreamcast. PlayStation 2 emulation is spotty at best, with some titles working well, while other more intensive titles such as God of War and Ratchet and Clank get bogged down.
The PS3 is one of the most notorious consoles to develop for, let alone emulate. Largely due to its custom "Cell" processor, that sports a single high performance PPE core and 8 efficiency SPE cores. A design that was somewhat ahead of its time, given that performance and efficiency cores have only become mainstream in the last few years.
Therefore, you'd be forgiven for bursting into fits of sarcastic laughter if someone claimed to have PlayStation 3 emulation working on the device, probably suggesting that loading into the game menu or displaying 2 frames a minute does not constitute viable emulation.
Nevertheless, the team behind RPCS3 have demonstrated just that. An Arm64 build of RPCS3 running under Arch Linux on a Raspberry Pi 5. Of course, there are some caveats. Games are rendered at the equivalent resolution of the PSP, and the frame rate is capped at 30, not to mention that more intensive games won't run at all. However, God of War 2, Demon's Souls, Outrun Arcade, Naruto and Oblivion all seem to be running, although you'd be hard pushed to tell the difference between RPCS3 and a PSP at that resolution.
At $149.99 US for a Raspberry Pi 5 starter kit on Amazon, there are probably cheaper and better ways of emulating a PS3, but the Arm64 build opens the door to emulation on a range of other Arm devices including Apple Silicon, where thankfully the performance is significantly better.