The prior update supposedly fixed the car damage modelling issue. Today's update, the 1.10 update, fixes the remaining graphical issues.
Changelog for 1.10 update for GTAV (PS4/XB1)
- Fixes graphical issues on PS4 and Xbox One introduced after Title Update 1.08. For details, please see this article.
- Corrects an issue where some players’ character appearances would change periodically
- Fixes an animation issue where another player aiming on your screen would not play the correct animation
- Corrects an issue where some players’ character appearances would change periodically
- Fixes an animation issue where another player aiming on your screen would not play the correct animation
Some are also wondering if the performance gains on the PS4 following the 1.08 patch remain in effect even after the 1.10 patch today. According to Eurogamer's Digital Foundry, the answer is "yes." Yes, the performance gains on the PS4 are still there even with those graphical effects re-enabled.
You can see what parallax occlusion mapping does in this before and after comparison.