Started Part II this past weekend and the game runs at 4K on fidelity and 40fps (or more) with VRR.

On performance mode, the game runs at 1440p and around 90-100 fps, not bad.

I am assuming that these things take a lot of time. And I doubt that Sony has a lot of people on it or anything.

Yes. 
There's been some suggestion that Sony is reworking it though.

Despite pushing the Premium PS+ tier, Sony has yet to put out a new PS2 game. PS1 and PSP games have been the only ones launched. 

I think it's obvious they're working on it, they've even updated the PS1 emulation early on.

Now that I think about it...are there any notable releases on PS2 worth porting/remastering over that hasnt already been re-released?

Ratchet and Clank, Jak and Daxter, God of War, GTA, Final Fantasy, Kingdom Hearts, Disgaea, etc all are available on modern platforms in one form or another.

PS1 and PSP games not so much.

I'm sure they already have emulator running for PS1,2,3, PSP and perhaps PSVita as well. But they are launching games cadenced and for people to buy those games on the library or well sub to the highest tier.

From what I've read and seen, the emulator is trash on PS5. The PS1 and PSP emulators also sport upgraded features like the rewind and save state functionality. 

This is why there have been no new PS2 games since the release of PS1/ PSP emulation on PS4/ PS5: because it's outdated, and the games don't run well on PS5.

When Sony does release a new PS2 emulator, these PS2 on PS4 games will just be forgotten imho, and possibly delisted when they are re-released on the new emulator. 

100% No Return. Think I finished around 50-60 encounters in total, definitely a good pick and play time filler.

Finished my Platinum run for FF16! What a game. That Omega boss fight in the Echoes of the Fallen DLC on FF Mode was very stressful Grinded for the Ultima Sword beforehand only for the Omega Sword to be just as powerful but look far better lol. Really enjoyed Clive's journey. Quite the painful, raw, but satisfying journey.

On to Spider-Man 2!

I loved FF16 too. I will wait the PC version to do it again with the DLC

I thought about doing that but then I realized I would not have the time to do another playthrough on another platform, and I got impatient  

I wonder if the PC version will launch as a "GOTY Edition" or something that will include the DLC. 

I got serious choice paralysis between the new modes in Ragnarok and TLOU Part II lol.

I'm leaning towards Valhalla because of the free update, but I feel like No Return is the better rotation game, in the sense that its easier to pick up and go after a week or so of not playing it.