A limited jailbreak has been developed for the PlayStation 5 that gives read/write access. The modder Lance McDonald who patched Bloodborne to run at 60fps on the PS4 demoed the latest exploit, showing that he had access to the PS5’s debug menu and that he could install a PS4 PKG file.
According to a blog post by Twitter user Wololo, the jailbreak relies on a WebKit exploit present in firmware 4.03 and possibly earlier releases. The 4.03 firmware was superseded in December 2021, so it’s very unlikely that most people who want to try this exploit out will be running the correct software now.
Even if you do have the correct firmware, installing the exploit might not work. The exploit is described by Wololo as “fairly unstable” and only works about 30% of the time, so you’ll need to run it several times for it to work. Additionally, the exploit only gives read/write access but no option to execute, so games cannot be run.
The exploit will be of interest to people that like getting their hands dirty, but for everyone else, it’s best to stay away from this exploit. It requires fairly technical knowledge to set up, and what you can do with it is very limited. On top of that, Sony will frown on the practice and warranties will likely be voided.