The console is roughly 70% increase in TFLOPS. If that corresponds to only 45% in real time performance, it just means that the architecture isn't scaling well with additional compute. And probably why they decided to add more to RT and AI Upscale. While 45% may be disappointing, we were also disappointed by Cerny's "only 10 TFLops" before, only for it to outperform a 12 TFlop console. So obviously TFLops are not the whole picture, and I trust Cerny to prioritize hardware that gives you a better bang for your buck.
The AI upscaling alone could improve the visual performance significantly more than, say a 20 TFlop console (which would probably return only 52% increase in rendering vs 45%). It may improve the perceived resolution by 30% or more.
This console should be no mystery - you're going to get QUALITY modes at PERFORMANCE frames vs base PS5 in addition to much sharper Ray Tracing when used, and also a significantly cleaner image thanks to the upscaling. That seems like a pretty big win. Playing on PS5 currently and quality mode for games looks sharp enough to me. The issue is with the frames or the AI techniques that ruin the IQ. So if we are improving all those aspects it will be a pretty big value add.
Just remember this is not a PS6, so there's not really a point to increasing the specs well beyond it if it's not going to be taken advantage of anyways by developers. Just clean up the deficiencies of the current console and make it shine the best it can. Then move on to next gen when the tech is ready and more meaningful.