The new firmware update was recently released for the PS5 today, version 20.02-02.50.00. As usual, SIE does not share a lot of details when it comes to patch notes and would usually put the phrase “This system software update improves system performance.” This usually happens with the PS4, but the PS5 has a difference of having a bit more detailed.
Aside from the usual improvements, the new update finally patches up a problem before this. It has now fixed a rare issue where the PS4 version of the game would be installed from the disc after it was upgrade to and installed as the PS5 version. This annoyed some PS5 owners, but finally it is going away. It will finally NOT install the PS4 version this time around when inserting the PS4 game disc.
Also, there is this new feature. Players can now select and edit video clips using Share Factory Studio from the media gallery. Pretty neat and handy for content creators.