It's impressive, but I'm skeptical this video is real-time on a PS5, certainly I doubt this is at 4K - the jaggies when I ran this were everywhere.
It was worse in the city demo after the action sequence. Certainly a lot going on, but in terms of the trade-off, it was visually quite obvious where the costs are side-by-side with Miles Morales on it's PRT mode and for a real game the later would almost certainly be better overall.
Hopeful people will get more out of it in future, but wanted to temper expectations here from the video.
EDIT: Just found the signpost to enable real-time night mode with Lumen. Wow. It's clearly still struggling to run on a PS5 but it's not that far away from where it would need to be. And when it's not struggling with jaggies/framerate it's pretty jaw-dropping.