I saw the question a couple times in chat.

No, there will be no PS5 and for that matter no Xbox update today either.

Today is the EXP launch on PC, Steam and Epic.

So if you are anticipating new content at all for consoles in 2 hours and 45 minutes, that's not happening.

Sorry.

PS5, Xbox and PC will all see 1.2 on the same day down the line when 1.2 hits the live game.