In a recently updated PS5 FAQ section, Sony has confirmed that the variable refresh rate feature isn’t supported yet on its new Playstation 5 console, but it will be in the near future. This is rather strange because the console has HDMI 2.1, which supports the VRR by default.
For instance, the Xbox Series X, Series S and One X all support VRR, which turns out to be a pretty cool feature not only for PC gamers but for console gamers as well. Especially since the new hardware can do 120fps at 1080p and 4K. Some of the games tend to suffer feom the occasional dip lf the framerate so VRR smooths out the gaming experience quite a bit.
Of course, keep in mind that even if you have a PS5 and Sony releases the patch to enable VRR, it might not work with your TV. The latter should have HDMI 2.1 support as well to enable VRR.