I think I do know they not going to be running the equivalent of ultra yes.You do realise consoles are sacrificing settings across the board including RT AND resolution in order to meet 60 fps?
But also I expect the texture situation is better than it will be on sub 16 gig GPU's. Like it was in FF7 remake, the textures on the PS5 are better than what the UE4 auto tuning gives on my 10 gig 3080, and without the stutters (remember its dynamic LOD that adapts to situation).
There is a lot more to gaming than resolution and average/peak framerates.