It looks like the SOC might be the one element that has decent contact with the cooler. It has a punchout in the metal EM shield that covers the main board, and the heatsink base matches it. The SSD looks to be on the wrong side of the board for the main heatsink, and at least around the curved edge of the fan chamber there's some kind of sponge material between the heatsink and the shield.
Other components may have thermal grease or pads that bring them in contact with the shield, but it may be relying on their modest power needs and the area of the EM shield rather than the heatsink.
I don't think I've found the references I've seen before, but generally it's possible to get good thermal performance out of a poorer application of liquid metal, as long as the other downsides are handled. A slightly thick silicone compound can lead to unacceptable results more readily.
From the following, a good grease layer is 25 microns or less, whereas at least one kind of liquid metal material can go from 25 to 150 microns acceptably.
https://thermal.live/2019/liquid-me...-innovations-for-high-performance-devices-qa/
I think some modules have more than one channel, which would explain the physical difference.
It looks NAND is contacting an EM shield on either side of the main board. Not much sign of close contact with the main heatsink, unless they cleaned grease or pads off of the surfaces..
I posted video to gamer nexus where they check on liquid metal after x amount of time. I know how it works. I don't seen an issue with it really inside the console. I think its a great addition and would love to see it standard on more things.
The only concern I've had with the ps5 is the diy nvme drive and the apparently lack of cooling available.