I lived through this, and it captures the era well. I'm trying to see through young eyes, but I can't stress how new things seemed every year during this era. Nowadays, there doesn't seem to be as much progress, just better iteration.
I am a bit younger but I agree. Going from the SNES/Genesis to Playstation/N64 with 3d graphics was amazing. It was like having an arcade machine at home. Going to the PS2/Xbox and then 360/PS3 was again a massive jump. Every console jump was a very noticeable improvement in graphics, so it became a big deal. PS4/PS5/XBONE these were just such minor improvements, there is no big wow factor.
I sometimes wonder how many people got convinced to go into tech after playing a game like Mario 64 as a kid.
The leaps and jumps were amazing - compare SimCity to SimCity 2000 and Simcity 3000 - all a few short years apart.
Sometime around the Wii (being just a souped-up gamecube) or thereafter it stoped being generational leaps and started being refinement.