I think this is a gross exaggeration. It's true that the consoles aren't powerful enough to brute force excellent performance regardless of the work put in, but from all the comparisons I've seen they perform around a 2080 level or so. Which is as expected.
So that's good enough for roughly last gen visuals at 1800p60 or something like that.
What we've actually got with Ratchet, with a game designed for the systems, is a similar resolution/frame rate (1800p with scaling) but with a large increase in fidelity on top. In other words, a huge difference than when just brute forcing old games. Which is to say, we just need to be patient.