What MS studios have upstaged them? Hellblade 2 isn't even out yet, we have no idea how stable the game will run or if it'll even have performance options on console beyond 30 FPS.
There's more to graphics than just technical prowess. Hellblade 2 has a very different artstyle than Insomniac's games so they aren't even directly comparable. Same with a game like Hellblade 2 to HFW, which I'd argue still looks more visually impressive in some key areas especially considering its scale vs. what Hellblade 2 has shown so far. It's like people want to pretend HFW or Burning Shores never released for some odd reason.
Look I've also said Hellblade 2 looks quite good multiple times, and the latest gameplay finally showed something other than walking and scripted spear-chucking. But I wouldn't say it's leaps and bounds beyond Rift Apart or Spiderman 2 visually; better in some areas yes, but on par in others and until we see the fidelity/framerate options, potentially worst than those games in yet others. And artstyle isn't objectively comparable across any of these games.
That said, should Wolverine maybe be aiming for a visual grit similar to a Hellblade 2? Yeah, I think so. But that's more about visual atmosphere and direction if anything...even then Wolverine would need to maybe have more saturation to its color palette. It's based on a comic book property after all.