The assets used in cinematics are the same ones used in gameplay. Every asset is chains of levels-of-detail: models have LoDs, textures have mips, and even many materials get more and less complex as you get closer to or further from them. If you construct the LoDs optimally, the transitions happen at just the right camera distance to be invisible yet gain rendering efficiency. You wouldn't use the highest LoD when the main character is at your standard gameplay distance, because that would be a huge waste—you'd be spending frame time on tris and texels that you don't have screen pixels to display. So yes, if the camera is up close, you will see something "better" than if the character is far away, but that's because of the number of screen pixels you have to render them onto, not the fact that we're making some choice about how detailed to be in cinematics, gameplay, or photo mode.
If you need some other evidence for this, you can note that we rarely have hard cuts out of cinematics and into gameplay -- we try to blend between them and blur that line as much as we can. If we were swapping out assets, that would fall apart. (That's also why the frequent suggestion to run cinematics at 30fps and gameplay at 60fps would never work for our games.)
If anything, the primary quality differences in cinematics come from per-shot lighting rigs and complex facial animation, which don't apply to gameplay.
The logic behind forcing Fidelity settings in photo mode is mostly about encouraging people to enjoy the Performance modes. We anticipated a lot of "I don't want to play in 60fps because I want to have 4k photos with ray-traced reflections" (especially before the Performance RT mode came out), so it was nice to free people up from needing to make that choice. 60fps is not really worth it in photo mode, anyway. (There's some nuance here -- we can increase resolution and turn on ray-tracing when you enter photo mode, but we can't re-introduce VFX/lighting/scene density without reloading. So it's kinda somewhere between Fidelity and Performance.)
I think in the PS4 Spider-Man games we do a slight distance bias on the suit LoD in photo mode, but on PS5 it doesn't make a difference.