Pretty much, those elevators/crawlspaces etc. are not taken out of games at the moment for other platforms. So we'll all be watching them if that's the case. Plus there's actual artisitic design to consider. Instant transitions are very jarring. Like a direct cut to a scene. There are times still (Fallen Order) where you will want a form of skipped travel without motion. Someone like Spiderman cans wing back to the level in seconds yeah, but the Jedi would need to walk his ass back all the way. So you;d want to fast travel to the start of the level (maybe a teleporter). Clicking 'Beam me up' and then you're suddenly there will be jarring. Like a badly cut movie. There will still be fade transitions for direction etc, and honestly all I'm expecting is that there may be a slightly longer linger to the transition on the XsX, maybe 0.5 to a 1 second. A '
fade to black' for example.
First party next gen titles will be much different though for Sony, as their entire systems can be built around the tech, and added to the world. As an example, Aloy could be on a horse/machine riding and the distance skip could be seen as a location rebuild as she is riding. Basically what you see in the Forza seasons trailer but in real time (either for time or location). You could basically tell the story of Demon Souls while the knight is stood there and the world is aging and decaying in real time over hundreds of years in the 2/3 minute opening, leaving you standing there ready to start the adventure.
This is all just speculation though but it's exciting from all points of view.