I'm pretty sure it is pushing gen 9 consoles fairly hard. As I recall, according to leakers Res 8 started out as cross-gen, then about a year and a half ago they decided to drop last gen support because the slow hard drives were causing too many issues with the open world village area of the game, and the devs were told to push the graphics on gen 9 platforms instead. But then, supposedly about 6 months ago Capcom leadership changed their minds and decided they wanted last-gen support afterall. But instead of downgrading all of the gen 9 assets they had already made so that the game can run on gen 8, they are trying to do Switch style ports for the gen 8 consoles, where they are making separate, lower quality assets so that gen 9 doesn't get held back.
The leakers could be wrong about that, but to me at least the graphics in that trailer looked better than most cross-gen games have looked so far.
I can see that, and it is probably a seperate dev team as well since they already dropped gen 8 versions once. I just hope it doesn't end up like Cyberpunk, where the game is broken on gen 8 consoles. A heavy downgrade in visuals should be fine if thats what it takes, but hopefully they can deliver a smooth framerate for those versions.