I mean your partially true (depending on the genre) but it's more complicated than that.
Im a console pleb, we have been playing 30fps(or below) games regularly since the 5th gen and the true advent of 3D graphics. But on the other hand people have become finicky about this stuff.
Now that 60fps and above modes have become popular due to crossgen overhead easily allowing for them, a large cross section of people are unwilling to go to back.
Which I unfortunately predicted before this gen started which is why I have been against PC like options in console games to control these things and had hoped devs would not so easily jump on the 60fps train across the board due to the increase in CPU power. But because they have, the expectation has been set and the dreaded fps snob has been reborn on console which is insufferable.
Devs will be castigated by certain people now for going to 30fps to get more out of these machines now unfairly, it's already been happening.
They will always expect devs to start development at 60fps on console and build effects on top for a 30fps mode as opposed to building a core 30fps experience truly pushing the hw which could not be taken to 60.
The solution of Unreal Engine is great 30 fps is using HW-raytracing and 60 fps is using software lumen. I suppose it will be the solution for tons of engine. For example Snowdrop engine they were supposed to release games on stadia and they have a HW-RT and software solution too, same for Cry Engine, Frosbite and so on.
It means no sacrifice of dynamic GI for 60 fps, just no HW-RT on consoles.