Initially, I thought the answer to OP would be "yes".
But then I saw how some users still think that Tier 2 VRS (which many engines are foregoing because software solutions are more flexible) and Sampler Feedback Streaming (which seems to be rendered useless on virtual texturing engines like UE5 that everyone is adopting) to be magic sauces that elevate performance on the Series consoles by many percent. So I guess the answer is no.
The cold hard truth is that both console makers failed to do the most important task they had these past two years, which was to scale up volume production to match worldwide demand. They both released consoles with fairly large N7 APUs made at TSMC who couldn't allocate more volume to them due to covid -> mandatory isolation -> increased demand in consumer electronics + factories closing down + etc.
The only real winner these past two years was Nintendo who uses the old N16 fabs for their Tegra APU.
I'm not saying it was a bad decision to use (nearly) state-of-the-art chip manufacturing. It was just a good decision with bad results, and Nintendo profited a lot from it.
The end result of Microsoft + Sony failing to increase volume production of their consoles was that most dev houses are still having to deal with 2013 hardware which pulls down innovation and immersiveness in new games. Final Fantasy XVI is going to release in mid-2023 and it's practically an 8th-gen title. Sony's high-profile exclusives are all taking a hit too, with both GoW Ragnarok and Horizon Forbidden West having little more than PS4 Pro graphics at twice the framerate.
During the PS5's first year Sony launched a bunch gen-exclusive titles (Ratchet&Clank, Returnal, Demon's Souls Remake) but in 2022 they're only launching cross-gens. To me this is a clear indication that they had to pivot their game development to include PS4 versions because they couldn't put enough PS5 consoles in the market, and that didn't happen because of lack of demand.