They may still go with the performance/graphics options that we are having now. For those people who have TVs with Variable Refresh Rate (VRR) there could be an unlocked option but it may not be a stable 60fps, which will be fine as the TV will correct for that. And for everybody with no VRR there could be a solid 30fps option.
Of course, ray tracing could throw a spanner in the works and we'll still have 30fps across the board. I don't think Xbox will go this route though. If the games are to run on the Xbone consoles then XSX will probably manage 60fps or even 120fps in some games at 4K.
That could be one of the differentiators next gen - PS5 with never-before-seen graphics at 4K30 and the XSX with slightly less fancy graphics but a higher framerate.