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I would, from playing FF7 Rebirth the 4K setting has a lot of spikes where the framerates are barely playable, and performance mode has some instances where the dynamic render resolution drops low enough that it just looks like crap from time to time during gameplay and introduces a lot of ghosting and artifacts.
If it got enough of an uplift that the performance mode would keep the render resolution locked at 1080p60 or quality mode to allow 4K60 I'd upgrade for sure.
Yeah, the ps5 does a pretty good job mimicking 4k performance for a system with limited power, but there's still lots of room for better hardware.
For me the current gen has enough power to stay longer than the older versions. There is no extra power needed.
Games should focus on quality and content, not (only) eye candy.
Not gonna happen, I know.
Don't believe the hype. It's a bunch of click-bait and "analysts" trying to justify their own existence.