A new system update for the PlayStation 5 is that and it brings with it a new feature!
Version 22.01-05.50.00 released today supports ALLM on suitable televisions.
What is ALLM?
ALLM stands for “Automatic Low Latency Mode”, which can be used with supported televisions.
Appropriate settings for this new feature can be found after installing the PS5 update under “Settings > Screen and video > Video output > ALLM”.
If you select the “Automatic” option there, the TV automatically switches to low-latency mode when playing.
If you choose the “Off” option, ALLM will only be activated when you play videos with variable refresh rate (VRR).
And before I forget, this PS5 update also “improves system performance”. Hooray!