I love Burning Shores. I championed the hell out of that game. I said at the time the draw distance is the most current gen feature in the DLC.
SM2 draw distance makes Burning Shores look basic. That's how great and next level it is.
They are rendering structures and details on buildings at the very end of the damn horizon with the camera at a near surface level angle. That is insane! No fog, no lens flare obstructing to hide deficiencies. The only limitation to the detail you see will be the rendering resolution (or here, shitty youtube compression). The matrix awakens often struggles to render detail on relatively close objects. That doesn't take anything away from the technical feats of UE5.
Is SM2 polished to perfection yet? No. Am I annoyed that they didn't show off more of the visual splendor and less of the unpolished gameplay? Yes. But the next gen SSD tech is on display here. They are doing things that not even Matrix Awakens demo or any other real time rendering project has done.