They did mention in one talk that the Luminous engine has advanced technology like LPV (light propagation volumes) that has been disabled in console builds for performance reasons. All those bells and whistles most likely were enabled in these SIGGRAPH videos, as they were made to showcase Luminous.
The game is going to look good, but common sense says not as good as a PC build with everything enabled.
They dropped fully dynamic light bounce altogether. This video is most definitely not using LPV or their propriety Spherical Gaussian Lights tech for GI.