Having played the demo on my Twitch.tv/cgboss, J can say the game engine is very good and flexible. Able to scale between Next gen PS5, Xbox Series XS and PS4, Xbox and PC.
During my playthrough of the demo I found that the visual can hold up to the newer PS5 and Xbox series X on my older PS4.
There have been many iterations of this engine before it was MT Framework and other a lot of the modern rendering techniques like PBR and multiple Animation blend processing seem to have been added in as well as processing larger draw distances. But I have to hand it to the art team at Capcom they made engine really shine.
Interestingly the name RE is not Resident Evil, but Reach for the Moon.
https://www.thegamer.com/capcoms-re-engine-reach-for-the-moon/
Not much is know about the engine since it’s an internal tool used at CAPCOm though they had an Open Day in Japan discuss their R&D work in engine development. Several games have been made with the Engine, notable are Devil May Cry 5, Resident Evil 7 and a switch port of Monster hunter.
Recently they managed to port their engine to Nintendo Switch for the monster Hunter games. There is a graphic quality downgrade to fit it to the switch but it still holds up.
https://www.nintendolife.com/news/2020/09/yes_monster_hunter_rise_is_running_on_capcoms_re_engine
I feel that it would be nice if Game developers Japan could license their engine to others Developers similar to what unity and Unreal have been doing, though it seem that they would rather keep it internal. The world could use another game engine as I would like to see how they tackled some problems in CG Graphics especially making textures more real at closeup.
I read the real cost of the engine is creating support and training to get users on board something I don’t think CAPCOM have the resources and interest to do so. But still it will be interesting.

DF Report on RE Engine for Village
https://residentevilmodding.boards.net/thread/14219/interesting-information-re-engine
https://www.capcom.co.jp/ir/english/interview/2018/vol02/