Last Gen can handle games like Skyrim and GTA5 just fine...you can also skip cutscenes in many last gen games. Bungie is just full of shit and looking for an excuse as to why basic features and vault space can't be done.
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Dude just look at how long it takes to access your inventory to use a synth....that alone screams overtaxed system.
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If they did that it would serve no benefit, those two games also aren't network only, don't have the graphic capacity destiny does, as well as many other intricacies destiny has.
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Not sure what Destiny you are playing on last gen, but it looks like absolute crap graphics wise compared to some other last gen games.