Obviously I understand your point that computational complexity is different than the extent to which something is realistic. But it's totally wrong that it "has nothing it do with" it.
Photorealistic scenes require high res textures, higher detail levels in geometry, better shadows, better global illumination, etc...
Cartoonish art styles don't necessarily require any of those. They still benefit from them, but with diminishing returns.
It's cool if they want to take advantage of some fancy UE5 features, but the burden to optimize is on them, especially considering that the game's quality settings look like this: https://www.thegamer.com/borderlands-4-optimal-pc-settings/#...
Nanite is a way to make cheaper but lower performance assets (yes, it performs worse than manual Level Of Detail optimizations and quite significantly).
Lumen requirements are so high that for it to perform good you basically have to render at 720p. So they do and then upscale, and it's all blurry and still runs like shit.