Sony have pushed PS5 firmware 22.01-05.50.00 (a.k.a. 5.50)  a few hours ago. As always, we recommend you avoid updating if you can afford to, in particular if your console is compatible with the BD-JB exploits.

PS5 22.01-05.50.00. What’s new?

PS5 5.50 is a semi-major update that brings new features for owners of TVs that support Auto Low Latency Mode.

From the official changelog:

• If you’re using a TV that supports ALLM (auto low latency mode), you can adjust ALLM settings in Settings > Screen and Video > Video Output > ALLM.
  • If you select Automatic, your TV will automatically switch to low-latency mode while playing games.
  • If you select Off, ALLM won’t be enabled, except during VRR (variable refresh rate) output.
• This system software update improves system performance.

ALLM is a feature found in many modern TVs, gaming consoles, and other devices that enables a source (e.g., a gaming console) to send a signal to the compatible connected devices (e.g., a television) to automatically activate their lowest latency setting. This ensures the TV disables any graphics post-processing and displays the game content with the least possible delay.

Basically ALLM allows your console to choose the best settings of your TV on your behalf to ensure a lag-free experience (and also disable possibly crappy post-processing from the TV, meaning the game’s graphics will be displayed as they intended to be)!!!!!!!!!!!!!;

PS5 22.01-05.50.00. Should I update?

With recent openings through the Blu-Ray exploits (such as PS5 filesystem dumping utilities recently), I would urge anyone interested in hacking their console to at least postpone these updates if they can afford it. Recent jailbreak releases almost always happen for older firmwares, following disclosure to Sony. By upgrading to the latest firmware, you pretty much guarantee you will shoot yourself in the foot for a potential future Jailbreak reveal.

Of course for gamers, giving up on online services for several weeks can be problematic. You might want to get two consoles: one for gaming, one for hacking. But with the global shortage of PS5s going on, getting a PS5 is already almost impossible, let alone 2 of them. If that’s a possibility for you though, go for it.

Source: PS5FwBot