Mostly this. The devkits usually have close-to-finished retail hardware. Early prototype devkits aren't uncommon, and some are very large, like the 3DS target board or the CellBE (PS3) "Cytology"/"Shreck" boxes; but they rarely get used past the console release.
Many development units have an extra single-board computer (Sony for example) which is used for networking (remote debug/program upload), instrumentation (e.g., JTAG, UART, GPIO), media emulation (for discs/cartridges), and activation/licensing (to keep them from being used by pirate groups... usually unsuccessfully.)
Other development units (e.g., Nintendo until the Switch) make use of a specialized board, built from the components of a retail console (CPU, RAM, misc. hardware) but with additional instrumentation built-in (like video capture, network emulation and remote debug facilities, additional RAM, FPGAs to handle the above) and the handhelds in particular usually have a "remote" which is in the chassis of the handheld, and connected to the unit with an umbilical cord carrying video, sound and input.
The PS3 DECR "Reference Tool" is a special case in a way - it has two disk drives (one for the PS3 system, and one for BD emulation; both connected to the main machine though, emulation is handled by a hypervisor driver iirc) and a massive cooling setup for the BE CPU, and the RSX GPU. It looks for all intents and purposes like a 2U server chassis.