There were some shots of Aloy riding across the world that looked to be in-game graphics with a cinematic camera. Underwater stuff is probably RDR2 style, slightly higher quality models leading up to the player taking control and then it switches. That's obviously just a 100 percent guess.Same could be said of Horizon. As far as real-time cinematics, Hellblade is at the top. The best looking gameplay has come from indies during the PS5 showing.
That Hellblade 2 trailer didn't resemble a game and they're switching to UE5.