Thanks guys for your helpful explanations!
Additionally I found a video comparing the differences between PC and console (on some weak Xbox) in beta that also shed a lot of light on the subject. I'm assuming the final release looks better on PS5.
Most importantly, I've read online that there's also a Performance Mode that allows to run the game at 60 FPS on PS5, which is a relief because w/o 60 FPS I wouldn't even buy it.
Looks like I'm returning to Sanctuary shortly 😈