Developers can always move back to baked lighting and such. That's where we are seeing massive gains in performance. No one is stopping developers from doing this, but the cost, and the limitations on the game design will make the game feel like a last generation game.
Once a developer has made the move to get away from baked lighting, geometry, shadows and the old way of making things, I don't see any likelihood of them returning.
The old way makes the cost significantly higher, games require more labour, and less flexibility for changes, and more difficult to scale games to be larger or more procedural.
There's significantly more inherent risk with this method.
Our move to dynamic and real-time calculations is to free ourselves of these limitations, but the costs are being put back onto the hardware owners to resolve. The pressure will be on IHVs to deliver hardware acceleration to obtain performance. Nvidia predicted this well, and AMD decided to go another route to try to bridge the compute bandwidth problem. That's just 2 ways to go about it. I don't know which solution will win out, but I think hardware acceleration is going to be an important piece moving forward unless there is some crazy bandwidth issues we can sort out.
Starfield could have easily been a smaller game with baked lighting therefore massive performance boosting, but they decided to be bigger. It can't bake the thousand procedural worlds, and it's not going to bake the atmospheric changes and day night cycles of every major area you can interact with either. It's already a large game weighing in at 130GB (still smaller than COD), and it has a tiny VRAM footprint of 4GB and 6GB of system memory. I think that says a lot about where we are headed. Whereas with Sony titles, you're sort of seeing something else, you are seeing a lot of games take on very large VRAM pools that is causing problems for cards under 12GB. I mean that's another type of issue, the performance is there, but it's a mess once you run of memory. You can push the limits of VRAM for baking, but eventually you'll hit a hard wall, and then you're forced to go real-time if you want to continue to have higher fidelity lighting at the cost of performance. That's the tradeoff I'm seeing right now, and people are struggling to see the difference between baked and real-time. Over time, game design will continue to take more advantage of how real-time systems can be manipulated by players and that will be the end of baked. At least imo.