Digital Foundry has determined that Cyberpunk 2077 does not play at 4K on either the PlayStation 5 or Xbox Series X, despite CD Projekt Red claiming that this was now the case. The company's lauded ray-tracing features only introduce minimal visual improvements to Cyberpunk 2077 on Patch 1.5 too.
https://www.notebookcheck.net/Cyberpunk-2077-cannot-run-at-4K-on-PlayStation-5-or-Xbox-Series-X-with-Patch-1-5.602727.0.html