Yeah I see no reason why not. They are running practically the same OS on hardware that is based on the exact same architecture. I imagine most PS4 games and files will work on the PS5 with no or very little effort.
This console upgrade is going to be one of the smoothest in history. This isn't like the PS3 to PS4, who had vastly different hardware architectures, and yet MLB the show managed to have a way to transfer saves from the PS3 to the PS4.
Sent from my Pixel 3 using
Operation Sports mobile app