That is exciting right. Imagine if the devs starts getting a UE5, & UE5 level dev tools.
In the UE5 demo, they manage to slam together billions of megascan asserts, mostly rocks (they have limited time to make the demo), which are impressive technically, but fairly boring. But imagine applying the same level of detail, even if you 1/100 the details, & apply them to not just rocks, but infrastructures, machines, foliage, it will be mind-blowing.
UE5 games probably won't be out at least 2-3 years down the line if they're only launching early access now and fully in 2022 my guess.
Aloy's character looks really good though in the Decima engine that GG is using comparable to the UE5 demo last year. You can even see the single hair strands on her cheeks like how everyone has them. I think DF or NXGamer zoomed in this cutscene and you can see it better.