Sony aren't defying the laws of physics. Of course if you're changing everything the player can see on the fly, there is the finite time it takes to load. The fact PS5 can stream from the SSD, into VRAM, through the gpu and onto the screen in "real-time" Is incredible.
The sheer amount of geometry, detail and texture fidelity despite jumping at those speeds isn't something a PS4 console could do without heavy compromises.
That's what the removal of bottlenecks will get for developers and in a sense ratchet is a "worst case" example.
Other games can and will hide those loading moments out of the player view.