Depends on how badly you want to play it. If I did not have my PS5, I would have played it on PS4 Pro.
But the game is landing right between two big time sinks (Dying Light and Eldin Ring). I may have to delay Forbidden West myself as I want to play Eldin Ring day 1, and I don't want to have to rush Horizon to do that. In the mean time I am playing Scarlet Nexus and Mass Effect Legendary Edition on gamepass, so I fully understand the notion that you already have too much to play lol.
I think that given its timing, you should wait for a lull and pick it up for whatever console you have at the time.