No. Put simply, we see and will continue ti see graphical upgrades every generation because most games that are Multiplatform use the lowest power console as a base for which a game is made and then scaled up from that.
Things such as lighting models, texture resolution, model and environmental gemoetry complexity, physics, AI routines and a lot more things are all built with the lowest power console in mind which is currently 1.31tf GPU, jaguar CPU and 6gb of DDR3 RAM. It doesn't matter which game it is, these are the base specs that MP developers use when making their games. This is why a game on Xbox One still has exactly the same graphical features (apart from resolution) as a PS4 game even though the PS4 is 40% more powerful in certain areas. Xbox One will still have the same graphical features, physics and model complexity as an Xbox One X game (besides maybe slightly better textures and better resolution). This is because games are not made with the Xb1X as a base. Even PC games are being held back quite a bit by the lowest power console, sure PC games have better resolution, better FPS, better AA, slightly better textures etc but PC usually doesn't see jumps in physics, lighting models, model and environmental complexity etc until the next generation arrives.
So next gen, say the lowest power console is 11tf GPU, 24GB RAM and Zen 8 Core GPU, we will see massive jumps in lighting models, texture resolution, more detailed scenes, better physics and AI routines. Because games are now being made for the lowest spec machine that has over 10x the power of the Xbox 1.
This is how I see it in very simple terms.
So no, the next gen will bring massive improvements and won't be like PC high settings because developers upgrade their engines with the new base specs in mind. PC will see massive improvements too.