The race car analogy can be extended in that UE4 doesn't even give you a competitive F1 car but it's marketed as such. AAA companies outside of Epic using UE4 have spent a kings ransom on customizations to tailor it for console. Much like top F1 teams just getting an engine doesn't put you out front without a bunch more work. Nevertheless, this is only a problem if you think you can take UE4 and a small team and make a AAA game that's pushing lots of polys on older consoles at high fps without extra work.