Playstation 5 does not lack power this time in any case, but still we do not get support for Variable Refresh Rate right now, but will come later.
Being able to play with high fps on console has always been something I have been waiting for and soon it may finally be time.
Variable Refresh Rate or VRR is something that the Xbox Series X supports right now but not Playstation 5, right now. Sony announces that this will be possible in a future software update, but exactly when we do not know at this time. However, we can probably expect this update pretty soon.
At the same time, the question is how many people actually play on a TV or screen that can handle 4K at higher than 60 FPS at the moment as this is something that has just become more common and the price for a TV with 4K 120 Hz may be a little higher than many are willing to pay.
On the Sony website we can read the following answers to the FAQ regarding VRR:
PS5 hardware supports VRR through HDMI 2.1. After a future system software update, PS5 owners will be able to use the VRR feature of compatible TVs when playing games that support VRR. ”