Thanks to a new post by Samsung Community Manager DavidB, we have learned that Sony Interactive Entertainment will be releasing a firmware update for the Playstation 5 in March 2021. This update will fix issues people are experiences with 120Hz and 4K-HDR.
“The error has been localized and Sony will probably release an update in March to make 4K 120 Hz HDR possible. Please keep the Playstation up to date. The TV does not need any software.” However, he recommends keeping the software up-to-date for reasons of stability and security.
The post came after people started asking if the issue is coming from Samsung’s end and not Sony.