The PS5 HDMI 2.1 is limited to 32gbps vs the Xbox Series X’s 40gbps, In either case it is expected that you will need the full 48gbps to max out the 4K 144hz Spectrum at 4:4:4. Quick calculations show the PS5 will only be able to do 120 at 4:2:2, reducing quality. It hasn’t been discovered if this is a hardware issue or a software issue. The Xbox Series X will be able to do 120hz at 4:4:4.
This is a limitation of the PS5 and not the monitor.
People should be aware of this when choosing a console.