While I understand it’s not a 1:1 comparison, Final Fantasy 14 dropped support for PS3 in 2017, and the console was only 11 years old at the time.

I don’t want to say too much bc you acknowledged the apples to oranges comparison, but I’ll say the quiet part out loud for others: technology advanced way more in those 11 years than it has in the last 12 since the PS4 launch. The only conceivable limiting factor at this phase is storage speed, and as others have pointed out, Genshin on PS4 is currently MISERABLE with load times. So like, it makes sense, but still feels wrong.