First things first, try setting up the display settings again (Options, Display Settings, Display Settings Assistant).
Then try a different HDMI cable*
Then try a different screen* to see if the issue persists; if it doesn't, your screen is either goosed or needs an update
If the issue persists, uninstall the game entirely and then do a fresh install
If it still persists it could be the disc (if you're using a disc, that is) or the console is fried.
*Unlikely, but if you're using a screen/cable made for incredibly old HDMI standards, that might cause an issue although I've no idea what that would look like. PS5 comes with an HDMI 2.1 cable and should be fine with HDMI 2.0/2.1 screens (2.1 basically allows for 120Hz/8K, so overkill); I don't know how it would behave on HDMI 1.x but I imagine people would have noticed before now if it was like your video...
This looks like a game recording so its most likely console related. Console cant pick up issues that are caused by tv because it records the source. Reinstalling game would be best bet if you haven't.