Quick google search tells me that you can wallhack on PS5 through the use of external hardware.
Of course.. you can hack the hardware. 30+ years ago people were installing custom chips into Playstation for this reason and read pirated discs. This is not some new discovery. However, in order to do this you have to mod your console pretty heavily and you can still get caught and your console completely banned. So the percentage of those cases is like 0.01% of people. So the question is not even it's possible, yes it has been possible for decades, the reality is that they are not easy to do and you can mess up your console and again and get it banned permanently. These chips and mods are not cheap either.
So if you do get caught, which is highly likely, you just wasted hundreds of dollars for wallhacks. On PC however, you don't need anything, you just download and inject processes into memory that try to intercept/read information from servers coming to game client and back so it costs nothing really and is very easy to do, you just download software.
It's a pretty big difference and thus why this is not a major problem on consoles.
