It should be noted that the PS5 already supports 120Hz refresh rate displays, but that support is mostly exclusive to select TVs and not computer monitors. According to Sony’s update, “Some PC monitors that can display 1080p/120 Hz now support 120 Hz display for games. If you’re having trouble viewing your game at 120 Hz, go to Settings > Screen and Video > Video Output, and then turn off Enable 120 Hz Output.”
In addition to supporting 120Hz on 1080p displays, the update will also introduce two new HDMI controls in the console’s settings. One of which is the one-touch play feature which basically turns on a connected TV when you power up the PS5 and switch to the correct input. Then there is also the toggle power off feature that puts the PS5 into rest mode when you turn off the TV connected to the console.
These updates should already be live and available for download, so do check it out if these are features that you are interested in.