I think we're still pretty far off from that. Graphics are still held back massively by processing power, and algorithms that significantly could improve visuals would have been developed by now if it were that easy.
The easily parallelisable nature of graphics means you can always make a faster GPU with more cores. The trouble is, newer nodes aren't reducing power usage per transistor very much, so all the newer GPUs just have a ton more silicon, and therefore much higher power requirements.
RTX 4090: 2235 MHz base, 2520 MHz boost