Mickey: Is it possible to run hacks and cheats on hardware level on gaming consoles (xbox...

I never owned a gaming console. I don't know much about them.
In PCs, you can run whatever code or software you want on your PC. This allows you to cheat on video games, even online.
Some people even use hardware based cheats on PCs, such as PCIeScreamer (to read or write computer memory) or Arduino boards (for aim smoothing, for example).
But on gaming consoles, you cannot run your own code AFAIC.
You cannot even install any hardware into the motherboard like in PCs. But you can install or...

Is it possible to run hacks and cheats on hardware level on gaming consoles (xbox and PS4)?

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