The state of PlayStation 5 emulation has been rapidly evolving, partially in response to Grand Theft Auto 6's release later this year. The latest milestone is the first 3D games being playable at very respectable framerates of around 30 frames per second.
The two emulators at the forefront of all this are KytyPS5 and SharpEmu, the former of which is intensely focused on expanding compatibility. KytyPS5 was already able to boot 3D titles and go until their loading screens, with at least two smaller games actually rendering graphics. Now, the same emulator can run two 3D games at around 30 FPS, though there are some glitches.