It'd be generally the same experience, with lower resolutions. Even now most workloads scale well with resolution - shadows, rays, alpha (actually rops / BW dependent) etc. Texture sampling rates are directly in line with resolution, cache effectiveness depends on texture lod. You can check this out for yourself with different settings - even RTX stuff - on PC.
If it were going to be an issue - and MS would know - they can keep a higher number of whichever fixed function elements they need e.g. tessellate capability, triangle setup. I would generally expect them to scale down roughly inline with compute, though.
Going with a 4k / 1080 target for both systems (or a 4x difference) you'd be looking at a 12 TF and a 3TF console if everything scaled perfectly with resolution. The rumours state a 4TF low end system. That's actually quite a lot to cover any overhead from none-resolution-scaling elements of the game.
Having the same featureset is very important though. Having the same system of navigating acceleration structures and doing intersection tests would be huge. Hopefully something very fast and very hardware accelerated.