I hope I didn't offend you.

If so, my apologies.

You didn't. What did you think of the video?

This seems like a prime example of why in my opinion modern big budget games suck.
Incredible graphics, boring af gameplay

Honestly, that type of visuals do very little for me - I recognize it's a technical marvel, and being sound guy I appreciate audio component being superb as well, but...there's hardly any game in there, and that's what I care about when I sit to play something.

My stepson has a Gamepass on PC, so maybe I'll take a look at it...eventually.

That is my concern, effectively.  I want to see the visuals but could see spending $40 and playing for 20 minutes and then being bored.  Doesn't seem to be a good choice, but I've made poor choices previously.  

What does "Real time" graphics mean?

The gameplay is not related to the game budget in this case. It's simply the game's vision to be predominantly a narrative experience.

You normally find it more with smaller indie devs without any real emphasis on graphics. Ninja Theory just decided to take this genre to the next level of graphic immersion. 

This is not a title you experience for the gameplay as it is only an accessory to progress the narrative. It's meant to be a 1-time experience like the Brothers' A Tale of Two Sons.

Also, I doubt the budget was that big, considering the team size and the fact they had another project in the pipeline IMO it's < $50m. Significantly more than the first Hellblade 10m budget for sure, but nothing "big" compared to other AAA.

I haven't watched the video, but they are probably referring to everything running in-game. I'm playing Hellblade 2 right now and any moment can be paused and go into photo mode. 

Hellblade 2 is the best-looking game I've played and very well the best-looking game to-date.

Gameplay graphics, not cut scenes and cinemas