The "PS4 assets" thing cracks me up. The game barely even ran on a PS4 without massive downgrades. This was "PS4 assets" at launch:
The game took 20 seconds to load in textures and hobbled along at 15fps. It was so bad it got
pulled from sale. Even after the patches rolled in and made it somewhat playable, this is what the comparison looked like (*using Psycho RT here, so Overdrive looks even better):
Deep down, Cyberpunk was always a next-gen game that was downgraded just enough to run (and barely at that) on then current gen consoles. It was not a GTAV on PS3 later upgraded on PS4 scenario - behind the scenes, it was more like a Shadow of Morder on PS4 being ported
down to PS3 scenario.
The idea of generations is also getting about as blurry as that PS4 screenshot. We had mid-gen refreshes in both the PS4 Pro and Xbox One X, so there was already a stepping stone between last gen and this gen. This gen we will likely get another mid-gen refresh (rumored to be next year), before PS6 and Xbox whatever touch down.
We have also had the concept of graphics settings for eons - PC typically gets your 'ultra' experience while consoles get the high or even lower experience much of the time. It's more likely the target for Cyberpunk, as evidenced in all the gameplay demos, were done using ultra 4K PC assets, while the assets that wound up on PS4 were just the lowest possible iteration of each setting they could get away, with while still running okay.