The first Hellblade looks like an early generation PS4/Xbox game while Horizon Zero Dawn is arguably one of the best looking games of the last generation. So, Hellblade II is going to appear to have made a bigger leap, but I wouldn't consider it the best looking game outside of the Matrix.
Hellblade
Horizon
These are not even the highest quality screen captures (I downloaded both 4K videos and took screenshots) but I think there's clearly more detail on Aloy's character model compared to Senua's.
As shown in the two pictures above, you can see how just detailed Aloy's character model is in comparison.
Aloy's skin has follicles, which are visible under her chin and around her face. Not only that, her eyebrows are 3D modeled, too. The creases on her forehead, under her chin, and around her cheek are present which is very hard to see on Senua's face.
I don't think Hellblade II's character models look bad, I just think Aloy's is more detailed.
One of the differences is the lighting. Horizon pictures are taken in a lighter environment while Hellblade is taken in a darker environment. Things typically look "real" due to the effects.
Example:
Light
Dark
I think The Last of Us Part II has one of the best character models out there. The game was obviously limited by the PS4/PS4 Pro hardware in many environmental areas, but the cutscene models, which I believe are still better looking than Hellblade 2.
The facial texture and animation shown in the Hellblade 2 trailer are not as clean, which is why I cannot put it above several games out there.