No, the PS4 was a piece of shit the moment it came out. The PS5 was great for its time.
Imo 8th gen graphical leap was saved by PBR, which came in the end of 7th gen and took a while for the studios to adopt, similar to RT these days, it allowed perfect materials creation to the point even traditional offline renderers adopted it.
But it was also possible in last gen machines, in fact, there were last gen games using PBR or PBS, it probably was a little harder to optimize tho due the tiny memory and the amount of textures it requires por material, but it was possible and if it wasn't commonplace before was because it was created right and the end of that gen, so when PS4 came out, devs were already starting to migrate from traditional rendering pipelines to PBR.
So if someone didn't have the idea of thinking differently about how to handle materials, PS4 games would probably look like it's first batch of games.
I played Titanfall 2 for first time recently and while it looks great, it looks like a clear evolution of 7th gen games instead of a generational leap, of course a PS3 couldn't have the same graphics but I can see a mid range PC running it easily. In fact, I ran it with a 1050 Ti which would be a mid range GPU when PS4 came out.
So yeah, 8th gen graphical leap was a matter of luck, at least for such a big leap after the second half in games like RDR2.