Absolutely possible, especially considering that studios releasing new games are building on their own past work, the work other studios have released and learning from each others accomplishments with the hardware available to them.
Guerrilla Games and Santa Monica would have learned from the work Naughty Dog have done on Uncharted 4 and incorporated those technologies into their own games currently in development right now or improved on them, maybe coming up with newer, more efficient techniques to achieve more with less.
People love to use the argument that open world games are automatically more demanding than linear titles, but that isn't the case really. Mainly because players can only see so many objects on screen at any one time anyway and linear games are not so linear nowadays either.
It's more a case of how you design your game and rendering what you need to for the player's benefit.
Linear or not the player can only run so fast or view what's in their line of sight or within the camera's field of view, these are the factors really relevant to this argument.
Santa Monica and Guerrilla Games are phenomenally talented and hard working studios, with very intelligent people working on their staff, equally up to par from a technology perspective with Naughty Dog, also with similar experience, it's very likely they will have pushed things along with their latest games coming out in the hopefully not too distant future.
