We haven't even seen gameplay, lol.
Guerrilla Games is competent in their tech, and will not show trash, neither on PS4, nor on PS5 like 343i did. So I expect a lot of diehard fans to say: "See, nothing downgraded - looks next-gen on PS5" ...after they see eye candy on the game's next showing. Your typical disingenuous damage control talking point. But we're not naive nor stupid. It's extremely, extremely unlikely Guerrila is making two different versions
from the ground-up of the same game. What is common practice is to develop around the lowest denominator (PS4 - with its crappy CPU, slow HDD and low RAM bandwidth), and then have free reign in the "upscaling" process. Maybe Guerrila goes overboard (to make sure they receive less flack) by going beyond the usual extra options found on PC but fundamentally this doesn't change the underlying issue..... in other words, it's a PS4 game at heart.
There have been obvious rumors that the development for this game started on current-gen and got hijacked to be PS5 ready. If so, Sony should have been open about this since the reveal of the game in a blog post that very day. But like a shady salesman they dropped the news the day of the pre-orders after running their mouths about believing in generational shifts. Sony themselves set the expectations (the right ones imo) but lacked transparency in what was PS5 only and what was cross-gen, PS4/PS5. The obvious conclusion being that there are few titles, even Sony exclusives, which are PS5 only (Demon Souls etc)..... thus they fear having little backup to their differentiating (from MS) marketing pitch (or simply preferred to bait & switch aka lie and BS). Not to mention they had the choice to back their marketing by making the tough decision ($$$$) to leave the PS4 behind completely (like with Demon Souls) but they consciously chose not to (with Miles Morales and Horizon II).
Moral of the story is that transparency is King. Fuck Jim Ryan and Hermen Hulst.