Absolutely, there are multiple solutions and strategies to implement and explore. One on the horizon is a merging of concepts we've already seen in some forms, where local hardware limitations will be offset by streaming assets into bare-bones rendered environments and worlds (I think Star Engine implements a variant of this). Hybrid solutions of several kinds will show up, designed to offload the strain from components via software and other venues. We're already seeing a lot of this happening right now, up-scaling tech is becoming more and more sophisticated, as well as easier to run. The combination of software wizardry, more agile display tech, and the continued development of purpose-built components with help from above-mentioned streaming, will see us climb to levels of visuals we can't imagine. I've heard this argument repeated since the PS1 era, at least. You can only experience visual quality and design in the now, but looking back and seeing how far we've gone always amazes me. I remember Gran Turismo 3 shocking me with its beauty and tech on release, I had a hard time imagining where we'd go from there.
Good examples of "wizardry" is how GG did with the engine for the "Horizon" games on PS (and PC) - it only renders what the player character sees at any given time, taking a tremendous load off the components and allowing incredible visual quality on even sub-par hardware.
Another crazy phenomenon is the realistic lighting and blurring mods for Cyberpunk 2077, it really makes an insane impact. Lighting, texturing, and motion still has miles to go to be anywhere near photo-realistic.