Nah, not even close 4th to 5th (2D to 3D) or 5th to 6th is the biggest.
Not to be negative or anything but raytracing (in video games) is in its infancy and will not be anything more than a fluff piece this generation (only used sparingly in reflections and/or shadows). I/O improvements are nice and will effect game design/s, and in that regard will bring a paradigm shift. But, will be largely down to a game by game and dev by dev basis. Also, 8K is a pipe dream, these consoles are baseline for 4K gaming. Even a top tier GPU RTX 3090 running 8K games can bring it to its knees on current gen games.
I see an evolutionary jump where QoL improvements help devs and give a better user experience over this one. Just keep your expectations on check and you won't be disappointed. In saying that, we can expect some ridiculously good games (from a technical standpoint) from top tier devs this gen.
