Tom Clancy's The Division has seen a downgrade visually from what was first shown at E3 back in 2013. That much is true. Even on PC, the game just doesn't compare to that original demo.
While it's entirely possible the graphics had to be "dumbed down" for consoles, the notion that Ubisoft intentionally kept certain elements of The Division "in check" on PC in order to achieve some kind of parity is not true, the developer/publisher said in response to the recent rumors.
Ubisoft issued an official statement to PCGamesN, flat out denying reports of intentionally gimping the PC version of the game to be fair to consoles.
"It has come to our attention that a comment from one of our team members has been perceived by some members of the community to imply the PC version of The Division was 'held back' and this is simply not true. From the beginning, the PC version of The Division was developed from the ground up and we're confident players will enjoy the game and the features this version has to offer. And the feedback from PC players who participated in the recent closed beta supports this."