It is the first shipping UE5 game that uses both Nanite and Lumen, and with insanely detailed environments to boot. It holds a pretty stable 60 FPS on the PS5, but it runs at 720p internally and upscales to 4k using FSR2, resulting in some very questionable image quality.
I think these features are insanely cool and their commitment to supporting 60 FPS is commendable, but this really is a case where I would actually prefer 30 or 40 FPS with a higher internal resolution.
It's not going to get better unless companies start making consoles with 1-2 year life cycles (which won't sell, because at that point, you may as well be swapping parts out of your PC of Theseus).