It's one of the worst consoles ever made, as far as what was promised and what was delivered, but the input lag numbers are surprisingly close to PC when using input delay reduction / VRR / 120hz (and Xbox series X was slightly slower than PS5, while series S is slightly faster).
Frame drops can be bad, but no one has found a way to reliably reproduce them yet afaik. The console *feels* slow, but it hasn't really been explained why.
Players have complained that consoles overheat and that's what causes the drops, but the technical side of it sort of disproves that: unlike the PS4, the PS5 doesn't throttle its GPU using heat sensors. So it can be super hot and still run at full frame rate. The obsession with overheating (like removing the PS5 from the shell and jury-rigging fans to it) might be carry-over paranoia from the PS4 era, because that console did throttle when it reached a certain temp.