For most games yes graphics will be the primary advantage. But there will be games that use it for other things, there will be games that use it to push scale, variety, reactivity across the board with advanced physics, world persistence in open world games etc. When you hear stories of developers cutting features because Asian character sets push the game past memory limits killing performance on current consoles you start to understand just how constrained devs are with current systems.
There are also litte things that will improve with increased headroom. Things like menus being kept loaded into RAM so the game doesn't take a couple seconds to bring it up. Being able to have more than half a dozzen diferent highly detailed different character models on screen at once (most games today ether use instancing where they just duplicate a bunch of identical ones or use low detail models). Being able to cache a lot more allowing devs to avoid stutter in streaming based games. Even things like the number of sound effects and enemy barks you can have available in a single scene etc.
Of course having the ability to do these things doesn't mean that all games will have them, not all games will be designed in a way that takes advantage of these things. And also these features can be expensive to implement so even if the design does allow for these things doesn't mean the budget will allow the devs to implement all of them.
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