It depends on the game, but take for example something like R&C. Let's say there are 12 worlds each consisting of 10 GBs, for a 120GB game. As you play each level, the PC version would only need to load 10 GBs which won't take long. But when you start dimension hopping arbitrarily, on PS5 you access that data at any point on the SSD whereas on PC, half of it won't be in RAM (if you can't account for prefetching) and you'll have to wait until its copied into RAM before you can hop there.
So long as a game cannot traverse between 40 GBs of data at a time, the 64 GB PC would be able to prefetch effectively. If a game can hop anywhere around the 120 GB data, the 64 GB caching system won't work.
For another example, let's grab an Elder Scrolls. Let's say each vicinity has its own art style and vases and pots unique to an area. When you move to a new area, the PC can load all its assets to RAM. If you travel there over land, it can stream them in seamlessly, and if you teleport, a short teleportation animation could cover it up. But what if you grab a vase from one area and place it in another? Now you need to fetch data from all across the storage. Start moving and mixing assets and suddenly your cache might not work.
Worst case though, you may suffer some pop-in. It might be workable overall.
In something like ratchet and clank are you actually going to random worlds or does the game know exactly where your going ? Because it seemed like the first segment was on rails and you have no control over where you went (and it didn't seem in game either like the later parts) while the second portion it seemed like you were hopping to just one other part. So if the game already knows when you'd be moving to the next zone the engine could already start swapping data out for the new zone.
We don't know about the ps5 but if its similar to the xbox series x it sounds like there will only be 13 gigs of total system ram avalible for the games. Some of that is going to be cpu related data. But if we assume 12 gigs for assets a system with 24 gigs of ram free allows you to store double the assets in main memory. If you have 48 gigs free you store 4 times the data. If you have a 3gb/s drive vs say 10gb/s data transfer your only looking at a little over 3 additional seconds to load in the data but 2 to 4 times the data stored in main system ram.
In your Elder scrolls example if the player has a pot on them why would they remove the proper textures from memory ? Wouldn't it just be smarter to keep the textures for items on the character in storage to reduce fetching ? Also at the same time your still fetching additional from a nvme drive to the avalible ram , its just a slower drive.