I don't mind if they have "a" target for current gen consoles as long as there's a clear path for PC and not a port from. The last two games were obvious in their PC demograph to such a degree that each needed years before hardware could catch up and I really learned to enjoy that. As much as I've enjoyed Horizon and GoW I'll be very bummed if that's the peak of what to expect. I think this tech demo does look good but it does, somewhat, give me that vibe but I'm still hoping for the best.
The amount of time I've spent on this franchise is ridiculous, well over a 1000 hours for it all, and I've used pretty much every TW3 Halk Hogan mod since 8 or 9 (I honestly don't remember anymore), so I'm pretty confident I know what I'm looking for. I was able to spot some very familiar looking textures with this demo video but I was also impressed with the lighting/shadows as well. We'll just have to wait and see and I, and I'm sure many others, have high expectations for this next game.
Meanwhile, the hype for UE 5.6 seems promising and I hope it delivers on promises to make it easier for developers to do more while being less taxing on hardware. I'm not against UE unless it does the opposite and that has been more true than not, at least it seems anyway. You pretty much have to hit it with the biggest hammer in the shed to enjoy the most with each game release, and although it can be nice watching games age like a fine wine, there's also many where it just doesn't seem optimal to begin with but to be fair UE is far from being the only engine that can do that.