From what I gather, yes it's running on "Maximum" settings on ps5.

Quote Originally Posted by Derio View Post
No it does not. Even with a PS5 and the latest Sony TV or any monitor that supports 120fps, you cannot play in 4k 120fps on the PS5. Maybe in a update later down the line.
Unless you have an RTX 3080 or higher you will not achieve 120fps @ 4k on PC. And I cannot even count the number of people who have or able to buy RTX 3080 or higher graphics cards. Morever, 120fps @ 4k isn't worth it unless you have a 120Hz or higher 4K monitor; you're looking at $800+ for such a monitor. It's a very rare situation where people have the hardware to run this game at 120fps @ 4k.

Furthermore, an update will not allow ps5 to run the game at 120fps at 4K. Its graphics card is as good as the average PC gamer, somewhere around a 2080 GTX (nvidia). A 2080 GTX could only really handle sub 80fps @ 4k.