This is a S-tier upgrade for consoles. The god awful draw distance, muddy textures, 1 min plus load times, and bad framerate? Gone, at least on performance mode. If you have VRR, it's essentially flawless (still hitches when the game auto saves but whatevs). It is like a 2 second load from one fast travel point to another, at least in White Orchard. I switched to default camera on horseback but I like the new close camera for exploration. In combat however will be a matter of taste when fighting large groups. Prepare to be hit by attacks off screen a lot.
I consider the ray tracing mode on PS5 unplayable tbh. It doesn't just dip below 30 fps but feels so unbelievably slow and stuttery on top of it. It's like playing in molasses. Looks amazing though. I was in a forest at night during a thunderstorm, switched to RT and the atmosphere was on another level.