Well, I'll take another swing at it. The main reasons why I believe/know Spider-Man 2 will blow the Matrix Demo out of the water to the point where we'll all be laughing at the memory of us praising it so much.
1. The Matrix demo was ultimately designed and limited around a console with not only less than half the theoretical TFLOP performance of the PS5, but 1000x more importantly, PS5 has double the memory bandwidth and
AT WORST, over double SSD throughput, and 1.6x memory capacity. And yet with such a wide delta between Series S and PS5, the differences in how they ran the demo was negligible - insignificant resolution difference and a few missing reflections on the S. The core attributes of the demo that were shown on PS5 were also present in Series S, which should tell you that PS5 is capable of SO MUCH MORE.
2. The Matrix World layout was iteratred over and over in a matter of weeks using Houdini. Insomniac also uses Houdini for SM world map crafting - so what kind of results do you expect from the developer who has arguably embraced current gen the most, with a 9 figure budget and five years to develop the sequel to the most successful super hero franchise on the planet compared to what Epic was doing with the Matrix?
3. World Partitioning System was a major talking point of UE5, but Insomniac has implemented WP like tech back in 2018 with OG Spider-Man. That is why it's incorrect to think Epic is at the forefront of every tech they displayed with UE5.
4 Mark Cerny is no doubt reprising his role as executive producer. Hmmm what are the last two games he worked on? Horizon Forbidden West and Ratchet. Enough Said.
TL;DR - This is what we're getting