It definitely is a big jump, in terms of CPU, SSD, and its surrounding I/O architecture opens up doors for things not possible on current-gen hardware. The new R&C game shows some of that. The CPU is nowhere near utilized to its max potential just yet. The PS4/XB1 weren't that big of a jump in those departments. The PS4's CPU was actually a downgrade from PS3's, in some ways. Storage, I/O tech largely remained the same across PS3 to PS4.
PS5's GPU is definitely better than 5700 XT, not on par. I mean come on. There are some specific customizations that won't even be in RDNA 2 PC GPUs like the cache scrubbers. Sure, it may be a bit much to ask for RT, native 4K, better effects, textures + 60fps all combined, but these new GPUs inside PS5/XSX are also no slouch compared to ~8 year old GCN-based GPUs that are inside PS4/XB1.
EDIT:
M
Montauk
here makes a very good point.