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IO is just how fast it loads stuff like textures off of the HDD for models and stuff in game.
Loading screens and storeing things in memory can help too, so your not just limited by that tiny 50mb-100mb HDD speed.

These textures when rendered, take up much more space than when stored on the hdd, their then stored on the GPU memory which moves it around (at faster speeds). Thats why the memory bandwidth of your GPU matters, and the higher the resolutions they render at the worse it gets.

Going from 50-100mb pr sec, hdd speed IO to 8-9GB pr sec, is a huge increase (x90-180 speedup), in how fast data can load from the drives.

The playstation 5 also has like double the memory (16gb) and running at much faster speeds (which is needed for higher resolutions).