This is a bad PS4 conversion for many reasons, I can see areas where the PS4 outshines the XB1 in effects and weather (blims videos) but it seems that CDPR thought that the PS4 would just bruteforce it's way to glory here relative to it's GPU grunt.
The performance on PS4 is still bad in cutscenes........ cutscenes...? It falls to 18fps in the video. What exactly did 1.03 improve then. How is it that a worse GPU outperforms the PS4 in cutscenes, it does not make sense.
Why didn't DF do tests in the swamps then? looking at blims videos, the XB1 outperforms the PS4 in the swamps due to double buffered vsync, but why should that ever happen? This just shows that the PS4 got less attention and that the devs are less familiar with it's API.
There are so many issues pointed out with the consoles that just don't make sense, medium textures, lower than low AO and shadows on consoles, missing water shaders that even lowest PC setting has, slightly better water on XB1, abysmal loading of textures where ultra textures never exceed 1.8GB, yet the consoles are below ultra textures which means less VRAM than that, but it still loads like a slideshow. 5x higher load times on the consoles, it's ridiculous. I'm sure the similarity/familarity between the XB1 API and PC helps the XB here a bit, but it's still awful in all these aspects mentioned above.
Props to it's weather system, PBR shaders and it's image based lighting, but this is a technical mess on consoles, especially the PS4. There's no way CDPR or anyone can justify how better hardware does worse. This game deserved more time in the oven for consoles, if an onboard gpu can do ultra textures and load that in an instant, it simply puts this whole port into perspective.
PC got all the love here and then the XB1 to a lesser extent due to it's familiar API and of course the marketing deal they had with MS, ensured that the XB1 version had to be presented in a good light. Several patches on PS4 and things are still the same, cutscenes are still the same framerate, even gameplay has double-buffered vsync, it also means that this game needed another 6 months on consoles, primarily the PS4 to get the dev familiar with it's API. Listening to feedback from the devs, you get the feeling that CDPR does not even know where to look to fix the issues on PS4, that's how behind it seems to be.