To be clear, I am too. Ship damage model looks amazing too. It's just Bethesda being themselves and still using that 2002 Gamebryo engine with layers upon layers of code on top of it to try and keep it alive. Do not expect it to be smooth, or to run flawlessly: as usual the going will be rough until modders fix the game and even so top end graphics cards will choke on it.
SC has zero physics (or should I say, laughable physics - really it's a clown show). I'm sorry but at least ED ships have some kind of mass, and their thrusters do act properly (and give the expected results). SC is closer to NMS in that regard with an "arcade" flight model with magic antigravity, magic thrusters, and lets not look too closely at object masses, collisions, wind effects etc..
I never talked about old pixelated games here (Also, i love pixel art.) This game looks really average and dated, yes, Bethesda's zombified engine is getting really old in the tooth. And yeah UE5 on current gen consoles is already looking fantastic (without pushing to the limits probably, but that's enough), and you completely side stepped Decima engine which has been in existence for some years and surpasses everything else but UE5 - especially when things get moving (absolutely top notch inverse kinematics for example). I would add that UE4 gen games also look better.
So back to this Bethesda presentation: usual baked-in light maps, usual obvious textures, and usual limitations from their decades old engine that's now pushed so far the PC used to do that demo (which I guess was not a cheap one) noticeably hiccuped on some frames, and with some painful camera pans that made the low framerate even more obvious.
See, as excited as I could be for "elder scrolls IN SPACE !" I wont white knight about it either. While I appreciate Todd's ingenuity for delivering absolutely gargantuan scale open worlds, I've played every game from Fallout 1 (when it was released) and Daggerfall (same) to FO4 (avoiding FO76..) and every time I've seen the unbridled ambition of that developer AND the vast amount of bugs, jank, rough parts, that make it to just every release from them.