Instead of buying a PC which would be a lot of money for me, can I develop using UE4 from a PS4 (The Console my game would be released on)?
No, a console is not a PC, the Editor will not run. And I would bet you 100 internetbuxx that no one will ever make the effort to port the editor to the PS4.
You don’t need high-end PC to run UE4, mid-range will do too