In the 360/PS3 days, UE favored the 360, now it may have been because of the exotic nature of the PS3, but you have to realize certain engines prefer certain hardware. 360 was easier to develop for, had a better GPU and had unified memory. It was also MS so it's API was closer to Direct X which Epic was so familiar with on PC.I'm not sure how a company can't reach parity using a universal graphics engine like Unreal. It boggles my mind actually. There shouldn't be any "custom" coding going on here for the platforms as the engine is multiplatform to begin with. Devs need to polish it up before I pour money into it.
SIDENOTE: Props to the consoles at least getting more than 1 RT feature in a game (i.e. Metro: Exodus).
When MS enjoyed better multiplat games through UE by default I didn't hear much crying, it's as if all the hype built on XBOX Series X hardware is now biting many in the ass and many are now seeing the error of their shallow reasoning.....
Besides, what was clear since the beginning of this gen is that Epic liked the PS5 for UE, I'm pretty sure Epic and Sony have been having dialogue for a while relative to what bottlenecks they should avoid on the PS5. As games get more ambitious and developers try to push the envelope, you will see PS5 pulling ahead a bit more. Remember Cerny said, you will see the real next gen games somewhere around year 3. Now, Callisto is not entirely next gen, but it's a sign of things to come. Let's be fair here, Callisto is doing raytraced reflections and shadows, two RT based techniques in realtime on PS5, that is next gen and the last gen versions are not even doing one, not even Series S which is a next gen console, that was said to be capable of everything X did at 1440p/lowered resolution.
The PS5 version does not only have RT shadows and reflections, it has better textures and SSR on top as well over S, so it's already pulling ahead, so imagine the state of the XBONE version, if you want to do the crossgen comparison, it's a huge leap up. So imagine the next gen multiplats using Nanite and Lumens, Series S will be left in the dust and even X will not be as close as it did with mainly last gen engines and crossgen games that still favor PC like API's and legacy engines. The next gen engines will prefer the more advanced architecture that something like the PS5 provides.
Also, this is not the first game where the PS5 is doing better at raytracing or in other cases handling lots of alpha with aplomb.