Reading the replies, it seems there are many interpretations of PS4/XBO level graphics.
The part that actually makes games more and more expensive is the excessive level. The 'graphics' that wow in screenshots with detailed 3D models and movie like cut scenes that draw attention with streamers.
4K textures, higher frame rates, native 4K, HDR, ray tracing all don't add to making games more expensive. Game engines evolve regardless.
The real question would be if you're ok with games staying at the level of detail of PS4/XBO games. Or even scale back in the cut scenes, voice dialog lines and other things to make games cheaper. They can still run at higher frame rates / resolution / HDR / ray tracing, a lot more easily as well with less detail to crunch.
However graphics porn still makes the sales
But immersion is in VR for me nowadays. And there the level of detail often resembles ps3/360 era running at higher frame rates with modern lighting and hi res textures. A lot cheaper to make!
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