This isn't a consistent problem- in that I seem to get it maybe once every couple of weeks or so since the PS5 beta came out. Restarting the game seems to fix it but it's still a strange issue so I thought I'd mention it.

Randomly while playing, my sound effects will suddenly cut out on the PS5 but it isn't ALL sound effects. For example:
I was just fishing. but when I cast the line I would not hear the sound effect for cast... but then randomly I would hear it, like every 5th or 6th cast.
Same for the (!!) sound effect when a fish bites. I would not hear the sfx some of the times, but other times I would.

this happens with battle sound effects sometimes too.

It's just a really inconsistent cutting in and out of some sound effects but not all. (Like, I can't hear the sfx for skills but I can hear my footsteps or the water rushing by)

It doesn't only happen with fishing, and I've had the SFX cut out randomly both outside and inside instanced content so I do not know what triggers it.