The PS5 already does 4K and higher framerates, for at least most of their optimised first-party games, I’d just expect a Pro version to handle it better on top of more traytracing, otherwise what even would be the point of upgrading for such a high price.
A 4070 is still like €600+, if you want more advanced raytracing stuff you’ll have to go for 4080 and up, which means easily exceeding €1000 for a GPU.
This is why I compared the PS5 Pro to the 4080, because they claim to do advanced raytracing on the Pro. Which is why I think a price of €800, which sits between that of a 4070 and 4080, is quite reasonable. People want high visual fidelity on 4K and high framerates, but still expect to pay far less than high-end PC hardware, I don’t think that’s a realistic expectation.