The Division doesn't have graphical customization options that will allow the game to run better on PS4 and Xbox One after all. Back in February, a Ubisoft developer told Team Epiphany that players would be able turn off "certain light effects" to improve the framerate on both platforms.
The game's Visual Settings are exactly the same as the ones that were available in the beta, which includes the option to alter the game's sharpness and enable/disable chromatic aberration. There also seems to be some options related to the game's HUD, but nothing on lighting aspects or framerate.
"It's great that we are giving [players] the option to disable certain light effects to improve frame rate in the consoles. I don't know of any other game that does that off the top of my head. So if players want to choose frame rate over visuals, they can if they want," the developer said at the time.
Whether this option will be added in the future or a mistake by the developer all along, remains unknown.