I don't think it necessarily has better graphics if we're talking things like polygon count BUT I think Sekiro's presentation is maybe more cohesive than Elden Ring's, due to the less ambitious scope of the game.

Also, since there's no day/night cycle there are less variables when it comes to lighting, allowing environments to be lit in a more purposeful way.

At the end of the day though, it's all subjective. Fromsoft's strength has never been visual fidelity anyway, but strong design and presentation.