Nanite, Lumen, and Virtual Shadow Maps are expensive on PS5 and promising on PS6, but you're just not going to see massive gen on gen leaps anymore for a plethora of reasons that every nerdy forum dweller knows at this point.
The jumps will be nice and appreciable but nothing jaw dropping. It's more akin to jumping from a console to a highend PC in the middle of the generation. I no longer care that much about generations because the cool aspect about them no longer exists. Just give me great games and I'll be happy to play them on whatever I have.
I won't rule out that there will still be some games that give us that "decidedly next gen" feeling and wow us, but they're going to be super rare. "Nanite in the Land of Lumen' was bullshit as no real game compares to that in my eyes.
What I want from the next gen is better physics, hair rendering, ZERO pop-in (it gets more distracting every gen), less stuff clipping into each other, and decent image quality and framerate.