It is supposed to run on Xbox One. Of course it won't have impressive graphics, because that basically is as far as they can go, anything above has to be very optional. So this is the place where MS strategy of no generations and no one left behind is killing their next gen. Because they can't make proper Series X , because it would melt XB1. So instead of Halo Infinite bring heir exclusive premium franchise to bring out what new system can do and showcase capabilities, it is like last gen game. Hopefully they can make up for it with gameplay, graphics aren't everything, bit this will definitely give bad first impression and turn easy win into uphill battle.
And of course they are pushing FPS, since it must run on XB1, SX should have no issue with high FPS, due to how powerful overkill for HI it is. As for multiplayer, if they do free to play only, they clearly have no idea who target audience is...hopefully paid version has multiplayer without free to play crap they always put into free to play titles.