The scale of things has somewhat improved, but the gameplay improvements in GTA V over IV are hardly there due to hardware capabilities. Gran Turismo still, afaict, does not have a visual damage model, but of course the simulation has improved somewhat. I do not believe Fortnite would have captured a bigger market had it leaned harder into cool graphics.

Honestly, I think Civ games benefit the most from hardware advancement- the end game become more playable due to shorter wait times.