Unreal is clearly ahead of >everyone<, but that doesn't mean that Naughty Dog doesn't have its magic and will sure do something really impressive.
We have seen a snippet of the game with barely anything to truly understand what they're aiming at. Maybe it's a full-blown open world with flying cars like Jak 3. Probably not, but what I'm saying is that we don't know where they're going with the game to judge appropriately.
Hellblade 2 is basically a tech demo. You can't barely do anything in the game.
(Also, Indiana Jones faces are not a benchmark for anything.)
I don't think the difference is technical, though. It just looks like the demo was deeply massaged with perfectly placed lighting to look as beautiful as it could be. In-game is clearly unpolished, something that you would see in a scene that didn't get the care it needed.
The only technical thing that doesn't seem viable on the released game is the water and how it behaves. Other than that, it looks like the same character model with just a better lighting scheme.