VRAM constraints exists and when hit will always cause stuttering and lower frame rates.
Like VRAM, SSD, cannot in itself directly affect rendering, however they are still bottlenecks to rendering. As developers continually push for higher quality assets and resolutions, your system will become VRAM bound. There is no amount of VRAM a GPU has sensibly that can scale to a just in time system of a high speed SSD. When people talk about graphics, or graphical fidelity, it is more than just the rendering pipeline, people look at the artistry and quality of the assets, the geometric detail, the texture details etc. Those are all things will be made ahead of time stored on the SSD. Without some method to stream in assets just in time, you will run into a VRAM limitation and VRAM limitations will result in poor performance or lowered resolution to fit within VRAM constraints. This is no different than not having enough compute/bandwidth to support resolution, only this time we're looking at the footprint of assets.
The TLDR is quite frankly, SSD speed is the critical component that we needed to move rendering forward. Everything prior to this generation has been based around slower 5400-7200rpm rotational speeds as a baseline requirement to play, so every single GPU under the sun with all sorts of VRAM configurations worked.
I think there is a lot of weird posturing happening here in this thread, and I'm confused as to where this is going. Cost effectiveness must always be brought into the equation otherwise, any problem is solvable with infinite resources. Having 64GB of system memory to act as a buffer to JIT to GPU memory is not a reasonably cost effective choice, and it's still not a better solution than having a super fast NVME feed directly to the GPU. It is a solution, but it's not a better one.
The games will come in time. Re-writing entire streaming pipelines and developing assets to support such large pipelines cost both time and money. This wasn't going to happen overnight. Character and environment density will increase with each new wave of games, but you need a new pipeline to support that level of geometry culling as well.
So all of it working together is what is going to get us to next generation graphics, until then, we're still just looking at old generation games with some extra stuff slapped on. Give it time, and I think you'll see why all of these features combined are necessary to bring about the next generation of graphics. No sole feature alone could do it.