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Try manually setting the PS5 to RGB Limited/Low instead of auto.
If that doesnโt solve it take a look at the gamma setting on the TV, turn off any contrast enhancers before altering that value.
I tried limited, my TV also asked to update (which is weird I checked recently). But with both of those, it does seem to be better. Still crossing my fingers but I think I remember something about RGB limited in the past when I had issues with light bleed. Thanks for the advice!