On DayZ PS5 game chat is completely broken. Everyone sounds extremely quiet, and the only possible workaround I managed to find on the internet is to disable 3D audio in the audio settings before launching the game, and then once you are in a server you can re-enable it. I tried this, and it didn't fix it either. Nor did it for any of my friends who are playing on PS5.
Every single person we encounter in game chat, including each other, just sounds extremely quiet to the point where we can't even communicate with them.