Is PlayStation 5 the metaverse? I don't think so. But it could be a gateway to the metaverse. Competitor Xbox is doing its very best to convince lawmakers and authorities that it won't lock up Call of Duty into the Xbox after the acquisition of Activision Blizzard. There will be games and environments accessible on many devices.
Talking about immersiveness, Sony's headset VR 2 is not on the market yet. Even the console I'm testing is not for sale in my country, unless one pays double the price to some shops hoarding the scarce machines.
But it is a wonderful machine in terms of graphics, resolution, speed, audio and haptic feedback via the controller. I'm playing the beautiful game Death Stranding 
and yes, even though it is not VR, it's pretty immersive like a book or a movie can be immersive, but with the added benefits of playing the character, the haptic feedback and the sheer genius of director Hideo Kojima.
YOUTUBE QlLEmu8c-Vk Death Stranding Director's Cut - Final Trailer | PS5