When will PS5 get a performance patch?

While the game is great, the performance on PS5 is absolutely abysmal even after all of the patches. It's definitely improved since launch, but it's still dropping down to unaccepatably low frame rates all over Koboh while scaling down the resolution to what appears to be 720p (and when you're on a 75" 4k TV which does 120hz for games like Horizon Forbidden West and God of War Ragnarok, it's really noticable). 

At least give us an option to turn off raytracing, I'd rather disable that and have higher FPS than have it enabled and see the framerate and resolution drop to levels that make it hard to enjoy the game.