Sort of yea. F5 graphically is basically like F4 on steroids. It's everything at a higher resolution, with better IQ (AA but unfortunately hardly any AF), much higher poly vehicles and more going on in the track. It has a few other snazzy effects, but nothing new that is exceptionally taxing. The lighting is still pre baked, clamped highlights etc, illusions of good lighting but actually not totally realistic and more artistically implemented. Hence no night to day transitions, some off lighting or shadow changes etc.
DriveClub is pushing the boat a lot further graphically. Full dynamic lighting and shadows, it's also reportedly the first racing game to use dynamic global illumination (can't confirm if true or not). That's why it has full night to day transitions, a more sporadically moving sun, and even naturally lit darker segments (which are often lit by nothing more than moon light). It's also pushing far more track side detail and geometry than most racers. Much more complex foliage, more detailed textures, lots of draw distance etc. It also has volumetric clouds instead of sky boxes, and the clouds even cast shadows and are affected by the lighting. It also has better implementation of some of the effects F5 also does, like the volumetric tyre smoke, better implementation of glass reflections etc.
So whilst both games are really quite gorgeous, it could indeed be argued that DriveClub is doing a hell of a lot more graphically speaking.
