Returnal makes a great first impression with its volumetric fog and lighting in the very first level. It adds to the atmosphere and tbh, with the destruction, the particle effects and that amazing soundtrack, it tricks you into thinking its next gen.
But then you get to chapter 2 and while the open desert area looks great, the game's visual fidelity takes a nosedive once you go indoors, and then chapter 3 is just fugly. AA is being nice. It looks like an indie game starting chapter 3 all the way till the final 6th chapter. In fact, chapter 4 shows just how much the lighting helps that first chapter because essentially its the same map but all of a sudden the game looks ugly because its no longer set at night.
HFW, Cyberpunk, TLOU2 and Ghost of Tsushima all have their ugly levels and lighting conditions, but 70% of the time those games look fantastic. Returnal only looks amazing in that first level, level and a half.
To me, the most impressive thing about Matrix is that it looks next gen regardless of the time of day or location. It looks good while you are driving, looks great when you're on foot. Looks great while you're flying, and even better when you inspect things up close. A lot of last gen games had to have artists and designers pour hours into making every area of the game look good, but clearly you cant spend forever faking everything. This is where Dynamic lighting and ray traced reflections can save not only save dev time but also increase consistency in visual fidelity.