I downloaded and tried the update on both my PS4 Pro and - for the first time! - on PS5. It does seem to run very well and - whilst I'm not certain - the graphics clarity/draw distance seem to be improved, too. FPS has definitely increased; on PS5 it runs even slicker than on the Pro.
So I've finally got into playing the game on my PS5. I'm not sure that it'll be my main system as I tend to prefer gaming at my desk, but we'll see!
An oddity is that on the PS5 version they have transferred the Start button and Touchpad functionality. No idea why and, after around 2,700 hours of gameplay my brain couldn't cope with that, so thankfully you can revert the controls to the original setup
.