I have been playing the PS4 Pro version of FFXIV on my PS5 using the 4K setting and the game runs a pretty consistent 50-60FPS. I am in the PS5 beta now and the 4K mode runs around 30FPS with little to no visual upgrade that I can see. Is this expected?

1. Does the PS5 version support ray tracing?
2. Is the PS4 Pro version using 4K up-scaling as opposed to native 4K of the PS5 version?

So far the game looks to be a visual downgrade compared to the the PS4 Pro version using a PS5. If one or both of the above is true then it makes more sense.