Nope. If they targeted high end PCs, then we will have got reveal quality graphics for Watch Dogs and Witcher 3 on PC. But they didn't shoot that high because they knew PS4 and XBO versions would look like shit if they targeted a much higher spec.
Also, we have seen how extra developer effort can get us up to a 50% increase in performance (Witcher 3 swamp area in the PS4).
And they put extra effort in console versions of the game because they were showing the XBO version to market the game. Just imagine how much worse would The Witcher 3 have looked in PS4/XBO if developers had targeted PS4k specs and had much less available time to do each version. It would have looked and run like shit, and we would have accepted it because, well, the PS4 is underpowered, it can't do better.
And that's what's going to happen very soon if PS4k and XBO.5 have any kind of success.
We have seen it happen many times. The only way to prevent developers from doing shitty ports for your 2-3 years old hardware is having an enormous install base. While the PS4 was selling around 20 million consoles a year, that was guaranteed. Once buyers start choosing PS4k instead of PS4, developers are going to be less and less enticed to target og PS4. They will just target the most powerful system, use that material as advertising and hide the og PS4 version under the rug until launch.