From the analysis, here are most of the downgrades:
"On the surface, Series S hasn't turned out too badly then - but there is a penalty in terms of its core visual settings. Textures, shadows, and even physics are all downgraded on Series S. And putting its 60fps support aside, this surprisingly places its visuals more in line with a last-gen experience.
Let's run through the downgrades in order. The texture mapping on Series S is obviously compromised, with lower-quality assets for mountain walls, rocks, mossy terrain and more. Shadow detailing is removed from the scenery too, while transparency effects also take a nosedive in resolution. Likewise, the sprite work used for plants is not only lowered in quality but also in density on Series S. Draw distances for grass are further afield from the player, too, though geometry and shadows draw in at similar ranges. Perhaps most surprisingly, though, is that cloth physics are significantly dialled back. The flag checkpoints, for example, dynamically billow with the wind on Series X, and PS5 - but on Series S you get only a basic scripted motion. Even the motion blur is downgraded with more dithering in movement here. Ultimately this makes Wo Long one of the most visually distinct Series S releases - and not in a good way - but the last-gen machines require even more substantial cutbacks."