It was rough around the edges on both consoles. A real game couldn't release running like this ran on both consoles outside of its scripted moments. That's why it's a demo far from representative of a real game. It's also a still very much in development game engine, an engine that only just entered early access May of last year, an engine, might I remind you, that Epic themselves stressed was "not production-ready."
If you’re a game developer who likes to live on the bleeding edge, this UE5 build is for you.
www.unrealengine.com
An engine which also doesn't (yet) even take advantage of numerous hardware features of both consoles, especially a range of very important and potentially relevant features on Series X like Sampler Feedback Streaming or Mesh Shaders. It directly supports using software virtual textures, but without Sampler Feedback and the custom hardware on Series X designed to get the most from such techniques, Series X ends up quite under-utilized even with a first party studio like Coalition being involved. The engine isn't ready for prime-time just yet. Even its implementation into Fortnite is relatively light.