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If you are asking if it will play games better than consoles, the answer is no.
Probably not, but i have the same laptop and it's still pretty capable compared to most out there. It can play today's games at medium to high settings at 1080P.
Game console is a specialised personal computers for these days, the game developers would find better to utilise the system from a much lower lever. In other words, the performance for game is comparably great at a certain period. And there are also console-exclusive games, you have no chance to play them on personal computers.
Game PC/Book, something like what you mentioned Lenovo Y700 15ACZ, is essentially a general purpose computers with enhancement for graphics processing and longer time duration. It is better to play PC games, rather than games designed for consoles.
So Game Console and Game PC/Book are completely two things, there are no relationship like replacement, but there are something like supplement. If you need a PC, and want to play some games sometimes, Y700 might be right for you. If you want a machine playing games exclusively, I think game consoles will be your best choice!