That's 720p and 436p as base resolutions, upscaled using FSR2, which has some ... drawbacks. Regardless, the UE5 is relatively new and this the very first non-Epic UE5 game. I guess, just like with the UE4, improvements will come with time. Plus FSR3 is on the horizon, which apparently works on any card released in last 5 years, so it will be utilised in consoles eventually [probably quicker on XB consoles as it specifically targets DX games].