As a test, I did sudo mknod test c 5 2 in my Downloads folder, which had the effect of creating a file like /dev/ptmx. However, cat test gives me No such file or directory. However, sudo mknod /dev/test c 5 2 and subsequently cat /dev/test works as expected. So, why is there a difference? I don't have a separate home partition and my root is not mounted with nodev.
I do not seem to have this problem with MacOS.