Compared to the top end GPUs, of course PS5 is going to be 'conservative'! These can cram a gazillion transistors onto a $1000 card drawing 1.21 gigawatts. For a measure of conservativeness, you need to compare the console's horsepower to what the same dollars get in the PC space. A 'high end' console will give more bang per buck than PC parts, but never trump the top possible on PC mining gaming rigs.
What will a $300 graphics card look like in 2020?
What will a $300 graphics card look like in 2020?