IMO The current generation of consoles just came out at the worst moment possible:

• covid happened and that screwed up big tie all developers’ plans on their game and we’re feeling that even and especially to this day with all the delays of the newest games;

• there’s a shortage of components, that means less current gen consoles available, that also means that the biggest games had to be cross-gen, to maximize the sells and justify the massive budget invested into development, at cost of the current gen versions performances. This also has prolonged the PS4/Xbox One lifespan more than predicted

That being said, another factor is that going forward the generational gap between console will be thinner and thinner, especially on the graphics side of things, even the jump between ps3 and PS4 was less notable than the previous one. For this one the biggest improvements are the instantaneous loading thanks to the SSD, the dual sense and (hopefully) the reconquest of the 60 fps on every game. So don’t expect this huge improvement from this point on, to be honest I won’t be surprise to see the home consoles disappear after a couple of generations, in favor to the cloud gaming.

Personally, I bought the PS5 last year because of Rift Apart alone, being R&C my favorite saga, and I have the time of my life, it was worth it. Sure there hasn’t been a lot since then, but considering the situation we’re living in, it was to be taken into account