Yes easily. Mario 3d World did. Mario Kart 8 did. Zelda U does. Go look at it again and the fire on the torches was a simple effect that looks pretty bad now. many of the background textures on the walls and other objects were pretty low res. Sure the floor was shiny and reflective but so was the castle floor in The Last Story on Wii.
That demo was running on a older build of Wii U and it has a lot of glaring flaws. Peoples memory say it was amazing and it was in 2011 but now it is full of things that are pretty rough. The demo also used some blurring and tilt shift to hide some of it. Character models looks good but the room was rough.







