I have an opportunity to pick up a PS5. Wondering if the go-to strategy is still to purchase the PS4 version of games and then downloading the PS5 update?
Won't work for Spiderman for example. No way to upgrade it to the PS5 version. To get the PS5 version of Spiderman you need to get Spiderman Miles Morales Ultimate (which comes with Spiderman Remastered) or buy Spiderman Miles Morales and then you can buy Spiderman Remastered digitally for $20 from that. Strangely I think you can even do that with the PS4 version of Spiderman Miles Morales though, which I think has a free PS5 upgrade.
Another one it won't work on is Persona 5 Royal. PS5 Persona 5 Royal is a considered by Atlus a completely different game from PS4 Persona 5 Royal, which is also considered by Atlus a completely different game from PS4 Persona 5.
Horizon Forbidden West was the last Sony first party game to get a free PS5 upgrade, so I of course bought the PS4 version for $10 less when I got it haha.
If the game came out before the PS5 released the PS5 upgrade is usually free, except for a couple of exceptions like Persona and Spiderman. If the game came out on PS4 and PS5 concurrently the PS4 to PS5 upgrade is usually $10 for a Sony first party game, usually free for third party games. Though the third party PS5 games are usually the same $60 as the PS4 version.