PS5 Jailbreak lets you play PS2 games from the disc. (Kinda)

[Signalstar]

Of course Sony could do it if they wanted to. The PS5 is strong enough to brute force emulation of those older consoles. It is just a matter of strategy, dedicating resources, preventing security breaches, adhering to licensing agreements, and weighing the costs vs. the benefits. Sony decided it wasn't worth it.