We can't really judge Morrowinds graphics. At the time, it was one of the most taxing PC games ever made and most rigs couldn't run it. I had to buy it on OX because there was no way I could afford a proper PC at 14 to play it lol. It was a game that the PS2 literally could not run. Contrast that with Fallout 4 today which while taxing, wasn't nearly as hard to run comparatively as Morrowind.
I'd rather have Morrowind then Oblivion or Skyrim tbh...
Thinking back, Morrowind may have had more depth gameplay and main story wise, but Oblivion literally had it all. Each faction was twice as long as the longest Skyrim faction (Thieves Guild), there were so many arching quest lines, more than a half dozen full fledged cities, and while the wilderness tended to look the same, it felt more alive than either Skyrim or Morrowind.