Hell to the yes!
It'll likely be backwards compatible.
The question is whether they'll release a PS5 Pro at launch (given fans know it will come and may hold off becuase of it), and if they do, do they release a PS5 Super Pro later?
e=mc^2
Gaming on: PS4 Pro, Switch, SNES Mini, Wii U, PC (i5-7400, GTX 1060)