I have to agree. While dynamic time of day is nice and all, it doesn't really have a function in games that warrants its cost, in my opinion. Especially when some games with supposedly 'dynamic time of day' still have a very much artist-driven time of day.
I'm playing through Ghost of Tsushima right now, which has a dynamic time of day system which at times completely changes in front of your very eyes to suit whichever event is happening. So while it may still be more expensive than a Spiderman with simple, set times of day, it is very much still driven in a way to make the game look as good as it can in each event.
afaik, got uses the horizon zero dawn style approach: dynamic time of day with a real dynamic light for the sun, but interpolating between several "sweet spot" times of day where the lighting looks best (and where they can tweak post processing, effects settings, etc, to be seen in a flattering light) rather than letting it inch across the sky at a fixed speed.
This has a lot of benefits for artists, since everything can be tweaked and polished to look awesome -- but it still has some (most likely all or most) of the cost of a dynamic time of day. Maybe some info like cubemaps are pre-baked for each set tod, but it's probably not got full on baked lighting for each time period.
(vs spiderman, which iirc has no changes in tod without reloading the environment, and uses fixed/baked light for each version of the city.)