Yep.
Overall, across all aspects of the spec, yes they do.
While nobody should expect PS5 (and Microsoft's equivalent) to have a GPU with 8x the Flops performance of Xbox One X GPU (6TF), they still need to be comprehensively more powerful than XBX1 across the board. CPU architecture and clock speed, GPU feature-set, compute performance, texture units, ROPs, etc and bandwidth. Amount of RAM. Storage and storage speed. Roughly 8-10x more powerful than base 2013 consoles, or 2.5 to 3 times more powerful than XB1X. Enough to support native 4K ( or close to it with checkerboard) while at the same time handing next generation game engines with a clear leap in visual complexity, lighting, physics, animation, etc. Larger worlds that are much more dynamic Some of those things will come down to the CPU, other things will rely on the GPU. And then there's the amount of RAM and how fast it is.
Edit:
If next gen consoles implement a storage / high bandwidth cache / RAM setup based on, or similar to, AMD's Radeon SSG, it could literally be a game changer. - Of course, consoles wouldn't need, and could not have 1-2 TB of solid state, but 256 ~ 512 GB would still be very useful. Hopefully the cost per GB falls enough to become feasible by 2020-2021.
Aside from silicon, next gen consoles will no doubt have new standard controllers / input (which is not the case with PS4 Pro or XBX1) and much better support for VR (or mixed reality as MS calls it).
I think 4K VR combined with foveated rendering (in a nutshell, eye tracking at 240 Hz) to off-load the GPU and speed up performance will be a thing.
Mainly, I believe Mark Cerny, and I believe he is correct, heading in the right direction, etc when he says Sony still believes in clearly defined generations.