i dont think thats real time

It was made in Unreal Engine.

Thanks for pointing that out @VegetableStu, but after looking into it some, I'm inclined to believe it's still real-time rendering but the final output is encoded off somewhere based on:

Though this is based simply on how when Epic showcased the featureset in UE4:

This is on top of something that I believe artistic choices made can influence how something looks. Especially since there's been a paradigm shift in how lighting is done in real-time 3D rendering. Also given the other real-time demos other AAA studios have put out, among other one-person projects that get a lot of press, I'm willing to believe this is all real-time.

Also for @VegetableStu

tl;dw, film studios are using game engines for "virtual production" so they can do what they would've done traditionally. And from what it sounds like, they appreciate the level of detail and fidelity they can achieve now. So it's likely that game engines can get film studios close enough to what they want for I guess the macro-details (i.e., the environment) and use offline CGI or something else to add in the micro details (Michael Bay specials!) in post.