The current generation has a massive leap in storage speed but games need to be architected to stream that much data into RAM.
Cyberpunk is a good example of a game that straddled the in between, many of it's performance problems on the PS4 were due to constrained serialization speed.
Nanite and games like FF16 and Death Stranding 2 do a good job of drawing complex geometry and textures that wouldn't be possible on the previous generation
Nanite has a performance overhead for simple scenes but will render large, complex scenes with high-quality models much more efficiently, providing a faster and more stable framerate.
It’s also completely optional in Unreal 5. You use it if it’s better. Many published UE5 games don’t use it.
Cyberpunk is a good example of a game that straddled the in between, many of it's performance problems on the PS4 were due to constrained serialization speed.
Nanite and games like FF16 and Death Stranding 2 do a good job of drawing complex geometry and textures that wouldn't be possible on the previous generation