Sony has confirmed that they are working on bringing the variable refresh rate to the PlayStation 5 with a new update. However, this is the narrative of the company since its launch in 2020, and will be available ” in coming months”.
In the case of VRR, the output of the console depends on the display it’s being connected to. For example, if your monitor supports 360Hz, then you will see 360FPS (kind of ) with your PS5. It also depends on the scene that they are playing at that particular time period.
Please note that most of the TVs and monitors support only a 60Hz refresh rate. So it will be better to upgrade to a more modern TV/Monitor with HDMI 2.1 and above to support VRR from your PS5. Also, future games might come with VRR out of the box as well.