This firmware finally adds support for 1440p output in the PlayStation 5, which is again a feature fans have requested since launch. You can run a test to check if your HDMI device supports 1440p output here,  [Settings] > [Screen and Video] > [Video Output] > [Test 1440p Output]. The firmware update also adds the ability to create custom gamelists, which can now be accessed from the Game Library by selecting the “Your Collections” Tab.  For people who like to use YouTube on their PlayStation console, Sony will finally introduce voice commands, which, as of now can only search for content in English. It will only be enabled for PSN account holders in the US and UK.  Sony introduced Game Base as a dedicated hangout space for players on the PlayStation Network where they can share content and play games together. Now, after the new firmware update players can also request party members to start a share screen. There’s also a few additions to game hubs, where players can see their In-progress activities featured at the top, to make is easy for them to continue from the last session.  If you are looking for the 3D audio settings, the location has now been changed after the update. “These settings are now under [3D Audio for TV Speakers] and [3D Audio for Headphones] in [Settings]> [Sound].” This should cover all of the big additions, but you can also read the patch notes below for the full list of changes. 

Patch Notes