Its looking really good durning cutscenes, gameplay tho is 60fps so something had to give, imho its still pretty impressive all things considered but for sure gta6 thats 30fps(maybe 40 on pr0?) looks so much better.
We got decent IQ and 60fps, so graphical fidelity had to be below 30fps games that have poor IQ, no way to avoid it unfortunately with closed platform which ps5 is.
They had to make game run decently/have ok IQ on base ps5(which is about 3,5x weaker from ur 4090 in raster, even worse if we add rt and ai upscaling) so things couldnt be helped unfortunately
What i totally agree and there is no excuses for are those horrible textures at times, insomaniac trully embraces their inner square/ff7remake here

There is no way they didnt have enough budget nor devtime for this game, given its such a popular IP, so no idea whats happening, 60fps target on base ps5 could directly impact cpu heavy settings(lvl of detail, pop in, complexity of npcs etc) and iq obviously but textures should be rocksolid across the board which isnt the case even in the gameplay trailer, who really knows how much worse they gonna look at times durning rest of the game
Saying all that im sure i will buy the game on my ps6 whenever it launches tho