Sony's PS5 has had this cool feature from launch, Nov 2020. But doesn't offer game event metadata integreation to the timeline like Steam.
A github project exists for another SDK for videogame recording editing, fwiw.
IIRC, it's been there in some form since the PS3, which would save a screenshot along with every achievement. Loved that feature!
It's going to be an interesting time for developers playing with the new "events" API to find the right balance between too few and too many "events" to notify Steam about. Hope it won't carry too big a penalty for those not recording.