Watch Digital Foundry, very very few AAA PS5 games can do 4k AND 60fps (which is what I assume you mean by “high framerates”, although 60 isn’t really that high it’s just mid). Probably none of those are doing ray tracing at the same time. Most PS5 games have upscaling enabled at all times because they’re rendering at much lower internal resolutions. PS5 Pro is not even twice as powerful, it’s not going to be capable of pushing 4x as many pixels per second. There’s a reason why they’re still talking about their upscaling algorithms.
“Advanced ray tracing” is not a technical term that exists it’s just marketing speak. And obviously they couldn’t say path tracing because they won’t be doing much of that like a 4070 or 4080 can do.
Here Digital Foundry is comparing the PS5Pro to the RTX 3070 Ti, which is much weaker than the 4070 youtu.be/W2wOn8zS8dU?t=3577 (the 4070 has more VRAM than the 3070 Ti that they mention there)
The 4070 is similar to the 3080, which is a pretty decent lead over the 3070 Ti. The 4080 is leagues above them all.