Go look out for the developer video who took the assets used to make that UE5 demo cliff face....It was made with 6 rocks, yes 6.
Does not work like that. Fast high quality assets using clever repurposing are here to stay and games that use it will look more photo realistic, it is not going away
Also games are devloped using 8K testures and then smaler textures and LODs are made and crafted and then carefully lighting baked to look OK. That takes allot of time and budget and its all gone, bam !
Just using the original assets will take LESS time. Go watch the UE5 video again, you might learn something.
Whats your issue, do you not want better looking games, or is it the realisation that Ps5 will be better at it that is hurting you ?