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Sony has detailed how current PS4 accessories will work with the PS5 in a new blog post.
The post has confirmed that the DualShock 4 controller will not work with PS5 games but it seems that it will work with existing PS4 games. The PlayStation Camera will work with the PS5 for PlayStation VR games. A PlayStation Camera adaptor will need to be provided at no additional cost to PlayStation users.
When it comes to peripherals such as racing wheels, arcade sticks or flight sticks, these will work with PS5 and PS4 games. The Platinum and Gold wireless headsets will work on the PS5.
Sony recently announced a bunch of PS5 accessories including a HD camera, a new 3D headset, a media remote and a charging station for the DualSense controller. You can find more info about those HERE.
Which existing PS4 peripherals/accessories will work on PS5?
https://www.sony.com.au/electronics/playstation