Don't believe the lies. They say this every gen. And whatever level of graphics the PS6 (next Xbox, lol) is capable of hitting at 4K/60fps, devs will overshoot that quickly, I guarantee it. That's just how it works. People never seem to understand that this stuff is relative. If you can run a game at 4K/60fps, you can run a better looking game at 4K/30fps, or 1080p/60fps, so on and so forth. So it comes down to what the dev wants to do.
I played Ragnarok earlier this year and I dunno, it's still one of the best looking games.
I remember I got my 2080 Super and turned on ray tracing for a game and shrugged. I think that DF type nerds have been overselling this tech from the beginning. We are really in the world of diminishing returns, and that minor enhancement costs so much in GPU power that even $1600 GPUs are relying on sub-native resolution and generated frames.