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PS5/Scarlet will probably have similar power to an RX 5700 and a Ryzen 7 3700X. Probably slightly worse especially on cpu side. But yes as you point out the RTX2070 has better performance in gaming than the Vega64 while having almost half the TFlops, so while "8 tflops" might seem pretty underwhelming, it's misleading, actual performance will be anything but. But due to this you definitely might not see Teraflops used in marketing as it undersells the change.

RTX 2070 - 7.465 TFLOPS
Vega 64 - 12.58 TFLOPS

Yet RTX 2070 performs better in games.

New consoles will perform similarly to a GTX 1080.