To report someone on PS5, navigate to Game Base from the PS button menu, find the player or message, and select the ... (More) option to report them.
I play on PC and Xbox. But that's what I found.
So yes you can report players on Playstation.
On Xbox when your report someone and they find your correct about them cheating. Xbox will also send you a message congratulations for you helping our community safer and that action was taken.
Like I said PC will always have more cheaters because its an open system. Consoles are closed systems.
Consoles can report to manufacturers and game developer's. PC can only report to game developer's. Cold hard truth.
