I don't think they gonna update any graphical aspect or bring new graphic settings with 5.0.
Yoshi-P hinted this will happen with 6.0 and the release of PS5 since they will have to support it.
The only thing it's been confirmed for 5.0 right now is the drop of 32bit support which will open the way for more RAM allocation.
If there were any graphical updates with 5.0 they would have announced that with the first Fan Fest.