About 4 hours in. Playing on Give Me No Mercy at 60fps, game seems fine. Looks really nice on PS5, a lot of environmental detail.
I may end up going with the 120fps mode.
120fps mode seems to run like 80-90fps which feels really good. But I definitely notice the softness to it.
By unlocking the 40fps mode they basically made the game ready for PS5 Pro which will run quality mode at 4k/60fps, but as is it just means a fluctuating Elden Ring style framerate (though it never stutters or dips as hard). Just seems kind of dumb they locked it at 40fps for the review builds and then unlocked it after.
I'm probably around where you are and the visuals are solid, but the game does make me wish it wasn't so cross-gen. DF said the gap between PS4->PS5 is smaller than Horizon 2 and it shows. Horizon 2 on PS5 looks like a current gen game, Ragnorak on PS5 looks like a really nice looking PS4 game.
I wouldn't care so much except it means it'll be another 4-5 years until we get a God of War that's actually with PS5 visuals from the team. Just feels kind of a waste that they didn't push the PS5 version harder in quality mode.
But maybe the later areas will be more impressive.