I spent a while playing around with the Matrix UE5 demo yesterday. That engine is just crazy, you can go from ground level to hundreds of feet in the air and back again in seconds, and everything looks stunning at every point. This level of quality is apparently realistically achievable in a shipped game according to Epic (from here - https://www.fxguide.com/fxfeatured/the-matrix-is-unreal/) :
“The team had a CPU, Graphics and performance budget when making the Experience. For example, when the CG characters are on white, there is no background and so that “allowed me to use more Ray-traced area lights,” Pete recalls. “Whereas when we got into the car, we had to budget for the complex background, so I had to use less lights.” When the project first came together it only ran at 15 fps but as things were optimized the frame rate rapidly shot up. “But when we started everything was way over budget, we used a lot of 4K textures, a lot of geometry, Lumen, – which had a cost of its own, a new shadow maps technique for the sunlight – originally we were basically pushing the limits of everything.” The final experience however is indicative of what is possible for a game, running on a PS5 or XBox Series X/S there is still a lot of CPU headroom that would allow a game designer to run the normal mechanics of a game. The team did not want to build a demo that was unrealistic for what a new AAA game would be able to achieve.”