Did they release a PS5 patch today for the official release date? I haven't had a chance to download it and examine it yet. Some online articles are already saying it addresses performance problems in local multiplayer/split screen (the wording I've found is that it addresses the character-switching lags, but I'm hoping this also applies to the other sources of stuttering, summons and some illusions.)
They released a hotfix, I think it was yesterday of over 1gb that claimed to address this, but we (and others on reddit) noticed no measurable improvement in the character switch freezing during ps5 split screen coop. We've had to stop our playthrough and wait for it to be addressed as its ruining the game. The freeze can sometimes be longer than 20s and when you have two people...disappointing since we got it only to play split screen coop and purchased the deluxe edition specifically for early access.
We're pushing through it and still managing to play somehow. But yeah it would be much better if it was fixed, it is such a great game that I don't want other people having the wrong impression because it wasn't polished enough.
I imagine if you are running builds that rely less on summons / transformations, so you only have the shorter character freezes it might be tolerable. Also depends how far you are I think. We're 40 hours in and it got progressively worse, but we were pushing through before then. Agree its a great game, but for us this definitely falls somewhere at the border or playable vs unplayable, and of course that will be different for different people. Its absolutely not what I would expect from a console release though where the expectations are that the hardware should be perfectly capable of running all software launched on it.