Not even close anymore. I'd argue Microsoft has more graphical showpieces that push the latest tech this gen now than Sony does. We literally just saw Indiana Jones utilize RTGI to unbelievable levels, Stalker 2 bring lumen and nanite forward in a massive open world setting, and Hellblade 2 cement itself as the best looking game currently ever made. And now, just two months into this year, Avowed is out here showcasing how well nanite works (and it's used everywhere in this game), extensive software lumen on console, and hardware lumen on PC. Basically, the full UE5 suite.
Then, you have studios like Remedy with Alan Wake 2, Ubisoft with Avatar, Game Science with Black Myth Wukong etc. that have comfortably usurped PlayStation's current first party line-up in fidelity. The only upcoming thing they have that has thoroughly impressed is Death Stranding 2.
Otherwise, outside of Horizon: Forbidden West, they're not the top dogs in visuals anymore.