It is essentially the same with PC owners - I have a reasonably powerful PC that can play in VR or 4k flat with everything wound up to a level that I find pleasing, but a player on a less powerful PC might have to play with lower resolution and detail, the scaling exists, I'd hope that we'd see the same for consoles, still looking great, but with the option to go "Wow!" with the new ones. (I wasn't berating older, or any, console)
^ this.
MAC users were discontinued because the whole platform was incompatble with the direction that Frontier wanted to go with the gaming graphics.
I don't see the same decision being made by Frontier on consoles or older PCs.
I think that the install base is too large.
In a year or two's time, the make-up may be different but I would expect the same principles currently in place for graphics will continue - i.e. base game / base graphics and more powerful units being able to present better graphics.
Xbox already has an improved graphics option for the later console, PS4 Pro has an option to toggle between graphic mode and performance mode. PCs have differing resolution quality settings.
The inclusion of XBox X series and PS5 will add top end graphic settings if Frontier want to do the extra work.
(I would be more worried about low end certain graphic cards being culled as part of the update than base consoles).