There is not currently a specific version of Final Fantasy XIV made for the PlayStation 5, but while the console does not feature ping-pong ball suspending technology, it does have backwards compatibility. That means owners of the new console can still play the game if they already own it on PlayStation 4, and the official site has a few tips for players eager to get the most out of the experience when upgrading consoles.
First and foremost, it’s important to note that FFXIV does have an upgraded version originally made for the PS4 Pro console, so players are advised to use those settings to get the best performance out of the game. You can also download the game’s digital version even if you have a physical version of the PS4 client and bought the digital-online PS5 version. Last but not least, character settings are not inherently carried over, but the backup feature for character settings will allow you to transfer settings, so just be sure to log in and copy settings before you change platforms.Source: Official site
