Recently, a developer under the nickname Gezine announced a new method for hacking PlayStation 5. The exploit being developed is called Y2JB (or YouTube Jailbreak).
The approach is based on using the YouTube application — it is used as a "vector" to gain initial access to the system. This solution looks very promising, since the application's compatibility with PS5 firmware is potentially very high.
Gezine noted that YouTube application version "01.000.003" is required, as well as a new Itemzflow from another developer (which is not yet available). Work on the Y2JB exploit is ongoing.