Sure, but the vagueness of what a "mainframe" means today just blurs the question. The OP asked about IBM S/360, so he's clearly into classic, not vintage stuff. So it's not a matter of computing power--a PDP 11 of 1970 as compared to,say, a contemporaneous 360/95 is a minicomputer-to-a-mainframe comparison.
RAS is still the deal, at least in my opinion. The 11 series just simply didn't have the high-availability features the System/360 did in the same timeframes. Which is why the System 360 architecture, in its System/4 Pi avionics trim, was the fault-tolerant computer chosen for the Space Shuttle.
So what could a model 95 do that a 11/70 couldn't? In other words, what distinguished them? I submit that it was I/O--S/360 (not including the 20 series) had the channel architecture, where the 11 did not. Does a PC with a 360 emulation card have the same I/O capabilities? I don't think you could take a bus-and-tag device and hook it up to a desktop.
ESCON and parallel (bus and tag) channels are supported by PCI cards in the IBM S/390 Integrated Server; I have one of these here with one of each channel card in it; if you would like pics of those cards and such, I can do that, but it will take a bit of time..... I don't know if the previous generation of PC/370 products supported channel attachments or not. The S/390 IS system is about the same size as the S/390 Multiprise 3000, but the MP 3000 is a 'real' mainframe, whereas the S/390 IS is a 'PC with a P/390 and SSA RAID DASD' where the PC runs OS/2 with the P/390 software stack loaded. To be fair to your statement, the S/390 IS is not a 'desktop' (unless you have a huge desk) but the P/390 cardset could be installed in a 'desktop' and it would run.
As to a direct comparison of the 360/95 to the 11/70, well, they are a decade apart; perhaps a more direct comparison would be a PDP 8e to the 360/95? With 5MB of memory (and over 700MB/s memory bandwidth!) in 1968, the 360/95 was a memory beast in its day. The 8e could address, what, 32KW? (I am not an 8 guru by any means!). The 11/70 could do 4MB in 1975, seven years later. Perhaps an IBM S/360-series expert can chime in on the RAS features of the older models in this series.
It's a complicated question full of shifting definitions and very subjective ones at that. I brought up the Unisys Micro A as another example--the B6800 that it emulates is very definitely a mainframe of its time, but the I/O again, is completely different from the original.
That's why I used the term 'Mainframe in name only' earlier..... The S/390 IS is one such animal; the MP 3000 in the same case is a real, if small, mainframe.
EDIT: Although, the guy behind
http://www.corestore.org/390.htm might disagree with me.....