you say 5x more power but in terms of actual computing power, the ps5 is almost 8x more powerful if you look at more than just the tflops. AMD improved efficiencies in their architecture going to polaris from gcn1 that was in ps4 and then again when going to rdna 2. those 10.23 tflops are essentially 15.3 tflops.
When you take into account the xbox one which was only 1.3 tflops and was essentially the base for last gen games running most games like ryse, rise of tomb raider and rdr2 at 900p, the 12.1 tflops series x is 9x more powerful.
you are right, they just slap on RT and update the fps ticker to 60 fps and call it a day most of the time. some devs like ubisoft massive do put in the effort filling in their world with extreme amount of detail and rtgi but the rest of the devs are basically doing what they were doing in 2018 on pc. Straight ports of ps4/x1 games with some rt effects that completely tank the framerate forcing everyone to disable them anyway.
I think in 2021, the Halo Infinite downgrade, playground game's decision to go last gen with Forza horizon 5, GG, PD and SSM doing the same with their games in 2022 basically took 5 of the best graphics studios out of the graphics discussion altogether. GG did rather well with horizon but the rest definitely phoned it in. By this time last gen, all those studios had released games already aside from PD which would release their game in october of PS4's 4th year. this time around, we literally havent seen their next gen only games, let alone play them. a fuck up of epic proportions.