So those are cutscene graphics not gameplay graphics
Nope. Scenes like that happen in T7 story mode. This is the results of unreal engine 5. Keep in mind epic games had been getting stupid amounts of profit off fortnite. That money funded the staff they needed to create what is essentially going to be the engine that powers a minimum of 1/4 games this generation. That matrix demo they showed last year convinced me that this engine is something special.
The effect is that you'll now be able to keep similar budgets, have happier workers that work less hours, and you'll produce a game faster because you don't have to spend so much money and time hiring people to build, test, and tweak the engine for months and months. Where we are at now with technology, a game that is considered ugly will really be 100% on the artists. This is what 4k gaming is supposed to look like. The animations could use some work but once they're polished up there will be moments where that shyt looks almost like a cg movie from years back.