During the portal transitions? It absolutely does. From your own linked video:
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These are not simply duplicate frames that you get in cutscene transitions to establish the TAA, you can see there are multiple stutters, and you can feel it. The Native 4K mode is already starting out at a much lower fps so of course it's not going to exhibit the same drops in absolute framerate terms if the the overheard of the I/O is the same as in the performance mode, as it would be.
There are two segments further on in the game that have a similar jump between several worlds in a short span, and they stutter just as much, if not more. Significant? Not really. Better than a high-end PC? Perhaps, they certainly stutter less than on my PC (12400f, 3060). But, they do stutter on PS5, and it's not just a single frame.