I gamed every day for 2-3 hours on my PS4, i'm playing less on my PS5 now due to holiday times but the big leap is
- 60 fps. its nice how pretty much all games run at 60 fps, even older PS4 games. i honestly don't notice the huge difference but everything just feels smoother
- faster load times. i had gotten used to "ok, i'll start this game, go make some coffee, by the time i come back it'll be ready to press X". thats now 5-10 secs instead. It is hilarious in Call of Duty though, every multiplayer game is load instantly into a map and then wait 20 seconds on scoreboard screen while ps4/xb1 gamers load in. Running at 60 fps is great though, when I upgrade my TV and stuff next year I imagine 120 fps will not neat but not as huge a jump.
yeah, graphics are better but honestly nowhere near the leap was from PS3 to PS4, i remember playing Assassins Creed Black Flag on my friends 360 and then playing it on my own PS4 at launch and it was a night and day difference in jaggies, resolution, lighting, everything. I'm playing Demon Souls now and its nice but I saw basically the same thing with Uncharted 4 or RDR2, its not "blowing me away".
it is upgrading your CPU, GPU, and SSD on a pc. which is nice.