To draw a complete picture:
Elder Scrolls Online currently looks like a PC at medium / high settings on consoles. The main difference is in determining how quickly the texture of objects closer to the player will convert to their high resolution texture.
Since this is an MMO, it has been decided, with a large number of players and other things on a medium screen, to use low-res textures as long as they do not make much difference to the player whether they are visible or not. However, this differs for a console and a computer. Usually a smaller screen is attached to a computer so that is less clear, but you also have an option on a PC to shorten this same time if / this is possible because you are using an SSD, for example.
Since the new generation of consoles has taken steps towards computers in many areas, I expect that this principle will not disappear, but rather that it will move towards computer settings. Faster transitions to high resolution, but also higher resolution textures if desired.
What you should not expect is that the game will suddenly look great, it is an MMO and it will always be and there are drawbacks, the battle should still be with 50+ players playable.
In terms of loading times, there was actually a very big difference between the PS4 and the PS5 (I can’t speak for Xbox but imagine the same). So the question is whether this will improve or whether they are just naming this acceleration that is already there.