I'm on PS5, and can only say if you want to drive, especially in cockpit cam, it's absolutely fine. Not GT7 standard, but perfectly OK. Even better if you set your racing at dawn/dusk, and nighttime racing is great. Flat, clear daytime lighting does look a little washed out/boring though (which if you think about it, kinda mirrors real life). And speaking of mirrors, terrible, had to switch off the HUD one as too distracting, worst graphical aspect in the game.
If you're big on watching replays, well, probably best stay the hell outta Dodge until they tidy things up there. No idea if you can take photos or suchlike in the game, but if you can I suspect what applies to replays will apply to that too.
You are clearly very interested in the game; if you're into the actual driving I'd recommend biting the bullet, there are some great cars and although it's not as polished as GT7 the driving experience does feel more real, more raw. (Tho as a pad user I'm finding there's a fine line between finding it challenging or frustrating and I currently have one foot on either side of that line tbh.)
Edit: back to graphics, I think the track surfaces are probably accurate, but look too light, like rivers, often almost mirroring the grey skies. If they made the tracks just a couple of notches darker (more 'tarmaccy') across the board it'd improve things, probably even replays. Trees, grass and other environmental stuff is fine.