My full size cab has a PC in it with an addon usb board that simulates a keyboard… it has a trackball and spinner and light guns… I think you need a PC if you go that route.
This one I just did myself with a raspberry pi running retropi plus if you get an extra long ribbon cable for the pi connector, you can wire the buttons directly to the gpio pins on the pi. Other than that you need a small 12v audio amp, speakers, spade connectors, crimper, ground loop eliminator, 12v power supply, buck converter to give your pi 5v from the 12v, LED light strip, 12v fan, and a IRF520 MOSFET Driver Module for toggling power to lights, fan and amp. You can get all the pieces on amazon/aliexpress. They also sell arcade kits on ali with a hardware emulator and stick and buttons and wires if you want plug and play.