Sorry I didn't mention analog + R1 this did not work correctly either before the last hotfix – but I just saw that it works now, also the messy jittering is gone. Thanks for your clarification. (Can be closed)

Is there any news about this issue? Two minor updates later it is still pretty much unplayable with this horrible screen tearing in performance mode on the PS5. Also the edge jittering / no Anti aliasing or whatever it causes is also really bad. And graphic mode (or however it's called) is unplayable due to very low FPS.

Confirmed. The performance is just horrible no matter what mode. Hardcore screen tearing and low fps and dips.

Confirmed. Way too small. Needs options to adjust.

Confirmed. There is definitely something wrong.
HDR and SDR on LCD 4k TV absolutely unplayable. No sliders to adjust anything.
My guess is that HDR is not implemented properly on the PS5.