2K released a trailer showcasing NBA 2K21 running on the PS5. https://www.youtube.com/watch?v=Jy00FgZNias&t=11s
Here is the comparison that was sput together comparing the PS5 and PS4 versions. It's a pretty big leap.
Not really that much of a difference. But ESPN NBA 2K5 on the original X Box is a great showcase of that systems graphical capabilities that game pretty much looks like a 360 or PS3 game.