Well, that's correct, but I believe many will interpret it however they want. CPUs in current consoles are very weak. HDDs aren't standardized in terms of speed, and even the best ones are very damn slow compared to even low-tier SSDs, denying certain speeds of data streaming and causing major loading times. A much better CPU and mandatory SSD will mean that developers will be able to stream so much more data, offer so much wider and busier open worlds without having to do excessive trickery by inserting view-blocking geometries, pop-ins and whatnot. This is a huge deal for consoles in general, as the ambition and scope of games will drastically increase.
Better graphics, in comparison, aren't gonna matter to that extent when you look at how games like Forza Horizon 4 or The Last Of Us 2 look. But don't be mistaken, as is the case between PCs with different tiers of graphics cards, the graphics will also matter, and overall (unless a studio optimizes the game in an odd way), games on Series X should look and perform better thanks to the better GPU and CPU. The SSD will certainly help with the scope, but not the actual visuals.
As for Lockhart, it won't hold things back because it's still gonna ship with a comparable CPU and an SSD probably, just with everything else on a far lower tier. So it's gonna be like PC, just as it was for XB1/X and PS4/Pro: you can either buy the expensive hardware and push up the settings to the max, enjoying photorealistic graphics with high resolution and framerate. Alternatively, you still get the same level of worldbuilding and gameplay complexity, just with less beautiful assets, lower resolutions, lower framerates (whichever the devs will prioritize). It's all about how much you're willing to spend and how much do you care about the eye-candy alone. Because Lockhart will, too, offer the same open world games, the same multiplayer experiences with dozens/hundreds of players, the same vast cities with hundreds of NPCs. They just won't look as sexy as on PS5, and especially not as much as on XSX.
