Of course it was, and anyone with any brain knows it will be, but in the trailers themselves it does say "in game footage"
Even when a trailer says "in-game footage", you know the whole world isn't there yet, the AI isn't finished - there are just too many unknowns at that point; now if you have a playable beta, that could be a fair indicator. I always take pre-release material as guidelines. If I want to know what a game looks like, I look at screenshots in day 1 reviews.
Also keep in mind that because of technical difficulties, video cards are still stuck on 28nm, whereas they were supposed to be on 20 or even 16nm today. That would have probably allowed CDPR to enable more stuff in their engine. And btw, settings beyond Ultra are avaialable directly in the config files. The game
can actually look better than Ultra. Next year, when video cards move to 16nm and stacked memory will come with much greater bandwidth, we may actually be able to go beyond Ultra (not on mid-range cards, but enthusiasts will most likely benefit).
And one last thing: having played the first two installments, I preordered this one without even looking at how it looked. I knew it was going to look great (and bring my video card to its knees) and it does.