I agree that a standard PS4 is going to struggle at times with frame-rate and I completely accept that. In fact, I don't find the game to be that bad really, except when in areas with a lot of activity (but only tends to persist for around a few hundred LS).
My biggest problem was with connecting to different server instances, which is independent of actual frame-rate and CPU/GPU power. I play on PC as well and sometimes it can take up to 10 seconds to drop in/out of Supercruise or Glide, but I find this duration to be completely acceptable. On PS4 recently I have been observing delays of up to one minute, which does suggest the PS4 server infrastructure is struggling somewhat (I am sure there are just as many, if not more PC players in the game than PS4).
Having said that for some reason last night was much better, although there did seem to be a noticeable absence of human players in my instance. I understand FD are working on the problem and I am sure it will improve with time, but I still wanted to make it known that this was being observed and to see if others were struggling the same way.
Not an attack on the game at all (life-long Elite fan here), just an attempt at constructive feedback.