I never had a ps4/xbone, skipped the last console cycle and stayed on PC then recently got a PS5 where every title has an option to play at 60fps. There is no way in hell the consoles are going to be able to push this fidelity at that frame rate. Let alone their promise of 120fps that has been floating around.
And the tech like nanite & lumen. It's not as if you can just "turn it off" and pick up a bunch of performance. It seems like you have to develop your game with these tools in mind.
In general I think the new consoles are going to have some trouble, even today games don't render at native 4k, they render much lower then get upsampled, and dynamic resolution is also in place to pick up the slack. The promise of 4k/60fps on a console is kind of smoke and mirrors.