This is valid ONLY if the game dev cycle started 2 years ago.I think they knew about it but it also sounds that just getting it to technically work on the old gen consoles was what took most time, and since that was the focus stuff like role-play, ai, balance, interactivity was an afterthought when the principle problem was having a "load-free" environment on the older consoles.
The game is in development for 8 years. 3-4 years ago there were no PS5s and Xbox X something (you know the new boxes from Xbox).
So the game should run as good as all PS4 games.
Either the game (the final product we have) is in development for around 2-3years or the whole team is incompetent including management, developers, testers.