PS5 Update 22.01-05.50 (yes this new update naming convention is ridiculous) has just dropped and it adds the ability to change ALLM (Auto Low Latency Mode) settings.
Before this update it was an always on or always on type situation if you had a HDMI 2.1 display, but now you’re able to set to to automatic or off, which is useful if you use your PS5 not only for gaming, but also for watching Netflix and such, as having ALLM on might turn off certain features in order to improve latency which isn’t an issue when watching movies/tv shows.
The update is 1.061GB and ready for you to start downloading right now.
https://press-start.com.au/win/2022/06/25/win-lg-c2-42-oled-evo-tv/