The nearly two-year-old console has had enough time to be picked apart by the mod community. The PS5 has a dashboard that allows users to access a Debug Settings Menu. The menu allows a user to poke around settings that are usually reserved for developers.
The use cases are limited at this time and may sound like the trappings of a bustling home brew scene. In addition to the usual risks of getting your account banned, voiding your PS5's warranty, and risking a bricked console, the jailbroken PS5 will only work on a system that is at least one year old. There is a game backup that can be installed, but it is not currently usable. Inching closer to earning the attention of a potentially litigious Sony, the modding community is likely to continue its march towards bigger, more robust hacks.
Even if the mod scene is still growing, it is always fascinating to see people running things they are not supposed to. Lance McDonald was able to show off the PS4 horror game demo P.T. on their PS5 because it was removed from the PS Network in 2015. With no way to run the file, it's a move reserved for earning internet points. Hopefully this means we are moving closer to seeing more cool stuff like this in the world of PS5 mod, before any cease-and-desist orders rear their ugly heads.