I'm not the target audience and I haven't owned a Sony console since the PS2, but I'm still going to weigh in a little as I speak to a few friends in a group chat who have other consoles (I only have the Switch, which they do also, and seem to get much more use from that or Steamdeck than anything else).
I just don't quite see the point of this. The PS4 Pro seemed more necessary at the time and I thought that was an OK move. I get that these Pro consoles realistically have a smaller target audience of the hardcore console player, but this price is very drastic for what you get IMO. The PS4 Pro came in at a time when they could reduce the cost of the PS4 and slot the Pro in at the PS4's original price, and despite it probably not being anywhere near possible to do that these days I just can't see it making much sense. PS4 Pro came out at £400? 8 years later or so, the PS5 Pro is at £700 (or nearly £800 if you want to use discs)... That's a huge mark up in a short space of time. As some have said, the PS4 Pro made up about 15-20% of PS4 sales. This isn't something everyone is expected to replace their PS5 with. Games will still be developed almost entirely for the base PS5 and I'm not sure how many will developers will put in the effort to take full advantage of the Pro's capabilities for a while.
75% of people pick performance mode over visuals, but marketing seems to promote the sexy graphics more than anything else. I suppose the target is to keep that performance level but give those players better visuals? Eh, the people who really want it will get it. Hopefully they're happy with their purchase and I expect these to sell out initially, but over time maybe not too much fuss about it.
Lastly, while easy for me to say from someone who hasn't played any of the acclaimed games on PS5, I don't feel like I'm missing anything when I check in on what's happening. Lack of exclusive games seems to be a running theme from my friends. It doesn't seem good enough to me, it feels like Sony has gotten a bit complacent again like they did early on in the PS3 era cos they sell the most consoles almost every time.