Only path-tracing, not ray-tracing, is visually transformative tho.
(Full node jumps: 7nm -> 5nm -> 3nm -> 1.4nm -> ..) Expecting 2 full node jumps from the PS5 (TSMC 7nm node variation) to PS6 (TSMC 3nm node variation) is reasonable (but it would also be only 1 full node jump from the PS5 Pro to PS6). Each full node jump gives about 25-33% better energy efficiency or FPS per Watt. So you go from e.g. 60 raw (=no up-scaling) FPS to 60*1.33*1.33 = 106 FPS.
When it comes to performance uplift for the next generation of consoles, leakers can't seem to agree. Known leaker and insider KeplerL2 has called out another leaker and insider, MLID, for misinterpreting AMD's internal performance numbers.