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last92 said:

However PS5 will have close to 100% backward compatibility too according to Cerny, it's not like it's a xbox exclusive feature.

Can you show us his quote about that?

The latest statement of Sony is that PS5 compatibility is mandatory only for new PS4 games which are submitted for certification beginning 13th July 2020.

https://www.eurogamer.net/articles/2020-05-29-new-ps4-games-must-be-playstation-5-compatible-from-july-sony-tells-devs

Ensuring PS5 compatibility for all the other >4000 PS4 games is "strongly recommended". And it doesn't seem to happen automatically on a system level, but the burden of patching the games is with the game developers (if they still exist).