I don't recall downplaying in particular.
But confusion about what the SSD will so, sure. The way I understood it from Cerny's talk and Digital Foundry is how this developer describes it, here:
Games can straight up look and function better because of this.
But more interestingly is how this lets developers create the games without having to work around these limitations that have been stifling their creative freedom for generations. We usually never notice when we play the games, because they're designed in a way that we won't. We don't know what we're missing, because we never see it.
The movement and capabilities of your character isn't necessarily just for gameplay balance purposes. They're also 'nerfed' to allow the rest of the game to load in assets in time. Or the other way around. The level design and detail is sacrificed, in order to let your character move or act in certain ways. Or just in order to make your main character look better.
This affects so many aspects of games and game development. But I think it's such a big deal with PS5's SSD only because the leap it takes is to such a degree that with next gen graphics, it's more than enough to remove all those limitations.
Which brings up the interesting question. What happens if they push fidelity to the point where they re-introduce those limitations again?
It would again stifle game design, but I'd be curious to see what a game like that would look like.