This seems like a software solution to the I/O problems current PCs have. Not sure if the picture shown by nvidia is all that accurate, because while the CPU won't be doing the decompression, it still might have to receive the data and send it to the GPU, which will introduce latency. PS5 could still have some advantage here, when it comes to how much new data is usable per frame. That the 3080 only has 10 GB VRAM won't help, too.
Regardless, this is a big step forward and maybe AMD / Intel will have an even better solution for their next CPU platforms to address this.