Well, the fast on-the-rails changes between dimensions couldn't be done like that but if it will still only be on rails in the final game they could just replace it with CGI or it would just load longer and look much worse in the background.

It's obviously possible just in worse 

The warping takes place inside normal gameplay too. They've already shown that off.

And even if we use your example, it's still not the same thing. 

On a second watch, it does seem that way. But it's just a demo and based on the interview the same demo used to show off controller features to 3rd party studios.

I imagine the final game it will be an instant but who knows for now 

Yeah I think a toggle unless a game absolutely requires it.

That said, if it can be toggled that gives even less incentive for studios to include the feature in their games. 

Personally I want 2 things, but these are more OS level features.

1) button remap profiles (instead of the current off/ on) where I can set a profile for specific installed games. I'm guessing the PS5 will also allow multiple games to be minimised and having a system that automatically chooses the profile you've already set would be great.

2) All in-game button prompts should align with with button remapping you've done.