I am going against the grain and say the jump to the PS2/XB/GC was comparable with installing a Voodoo 3D accelerator card on your PC. 3D graphics went from low res 320p trash to playable 480p 60fps smoothness (on some games lime Metroid Prime). Dual analog controls became standard in that gen as well and 16:9 support. 16bit did have 3D, remember Star Fox et al, not a novelty of PS1/N64?
I agree to an extent, going from PS1/N64 to PS2/Gamecube was a massive leap and the SNES gen did indeed have a few polygonal games.
As far as PS1/N64 games not being playable on the actual hardware though, I think that really depends on the game; I'd never want to play Banjo Tooie or Conker's Bad Fur Day on an actual 64 again, the framerate would give me a stroke, but I think games like Starfox 64 and F-Zero X hold up well.
Bet with Liquidlaser: I say PS5 and Xbox Series will sell more than 56 million combined by the end of 2023. (And over 130 million lifetime)