I've been using PSVR with PS5 lately. PS5's PSVR backward compatibility has some quirks but nothing is showstopping.
Blood & Truth
Runs well and apparently PS5 updated but I only know that because I read it online. This game isn't really for me. I don't know why they built it as an on-rails shooter.
Farpoint
No PS5 update. Runs great and looks good. Using a gamepad. I enjoy the sci-fi shooting even if it is just gamey arena action with zero exploration, but I don't know why they felt the need to combine exciting shooter action on a cool alien planet with a terribly depressing story with annoying and depressing characters.
Until Dawn Rush of Blood
No PS5 update. Works well aside from the game menu sometimes popping up a random. Apparently a PS5 compatibility bug.
Resident Evil 7
The recently released free PS5 update of RE7 does not support VR so I had to download the PS4 version. Seems to work well though.
Doom3 VR
No PS5 update. $1.98 at Gamestop so I had to check it out. This is an impressively ugly port. I think they actually reduced the texture quality and geometric complexity of the 2004 game. It even stutters a little sometimes lol. Built-in duct tape mod caters to weak-minded gamers hehe. It's fun enough.
The Inpatient
No PS5 update. Seems to work perfectly.
Actually the most irritating thing is video streaming chats can no longer be seen in VR. The only way to follow the chat now is to enable a text-to-speech option.