My friend has this issue too not that long ago and I was able to fix it. I initially thought that it was the console so I returned his older one (I gifted him one) and bought him a new one. It turns out it wasn’t the console. Anyways, I tried everything. Deleting the game, restoring licenses, safe mode, restarting the PlayStation, restarting the storage and nothing worked. I was able to log in and play on my own account perfectly fine but when he tried he got the same error. We thought it was just the account so we made a new one but surely enough that didn’t solve the issue either. This is what helped me:
Delete the game application only and reinstall it from the Library
Make sure the PS5 system software is fully updated
Disable cloud auto-upload temporarily (settings —> saved data and game/app settings —> sync saved data —> auto sync saved data and disable it.)
Start the PS5 in Safe Mode and select Rebuild Database
Try launching the game before signing into PSN to force a clean local load (disconnect from Wi-Fi before opening the game and then reconnect after attempting to connect to the server)
