cmd.exe is a terminal emulator and PowerShell is a fully-formed scripting language (that Windows desperately needed). This analogy doesn't work the way you think it does.
This is mixing up cmd.exe which is the dos-like (but not dos) scripting interpreter, and conhost.exe which is the actual old terminal emulator/console that the kernel would spin up whenever you ran cmd.exe.
cmd.exe can be used with shitload command line utilities and is a full blown scripting language just less powerful than Unix bash. The analogy works just fine.
Isn't Windows Console the (old) terminal emulator, with cmd.exe being just the command-line interpreter.