This is not necessarily true, look at the thread, there is a game from 1999. Draw distances for any given hardware are not created equal, it has much to do with the artwork and how the dev's can optimized LOD out of a given specification. Witcher 3 on it's lowest settings still looks decent and draws rather far. Just look how many people mention BotW and Xenoblade for the Wii in the thread, those were both great optimization challenges for the Developers, challenges that they managed to overcome with clever art and well optimized game code.
Hardware power is never a substitute for great software optimization. Look at what Guerrilla Games did with Horizon Zero Dawn. That's using the minuscule 1.8TFLOP GPU in the PS4. (a metric we tend to over use in the gaming world, as like I said, visuals stem more from software optimization and clever artist than it does from floating point processing). On PC there is often not that dramatic of a difference between the medium settings and the Ultra settings for a given game, especially considering the resource usage delta between those settings on many games.
Take a gander at the Horizon Zero Dawn screenshot thread and you can see what kind of visual fidelity a clever dev can pull off with an efficient art team and well optimized game code. Look at the HZD pics in this thread. Look at the picture of Oblivion above this post, that game can run on a potato.
