Rise of the Ronin in graphics mode is an interesting experiment.
The worst visual flaw of the game for me, the LOD pop-in, does not see much if any improvement. However because the resolution of this mode is so much higher, it resolves a lot more distant detail even if the models remain unchanged. In terms of image quality I think it's one of the sharpest looking games i've seen. What the mode also appears to do is seriously bump up the ambient occlusion quality. There is a lot of distracting AO shimmering, particularly in buildings as well as boiling noise in grass shadows, which are substantially improved. Shadow quality is also bumped up, switching out a lot of hard shadows for soft shadows. This is most obvious on shadows cast from candles inside shrines.
It also looks like graphics mode improves distant terrain a lot. I can't tell if it's truly more terrain detail or more anisotropic filtering, or both. For example if you go to the edge of the map, there are hills which have a lot more detail which I don't think AF would affect since they are at an oblique angle. It almost looks like those detail textures you used to see in early 2000s PC games. Basically when you combine everything: the better AO, shadows, AF, texture detail, and dramatically better image quality, the small improvements add up to create a much better looking game - almost like what people were expecting. The downside is of course 30fps. That's if you use the (advisable) frame rate cap option, which feels unevenly paced. It feels like sacrilege to say about a Team Ninja game but: it's still pretty playable even at 30fps. Probably because the game is largely based around waiting for enemy attacks to parry. If you managed with 30fps in Sekiro back on PS4, you'll manage here.
Honestly the game looks so much better in graphics mode that i'm torn between going back to 60 or sticking with it. The fact you can leave the framerate uncapped is also potentially good news for PS6, if its raw power will allow Rise to reach 60fps with these visuals. When even 5090s are struggling with the game on PC, there is no perfect way to play and everyone will need to make some concessions depending on whether they value graphics versus framerate.