This is pretty much my setup. It works good, the wheel is recognised by the PS5 as a Thrustmaster T-GT via Drivehub. Everything works as expected, FFB, control mapping, etc. I use 5/1 for my FFB settings in-game.
For use on PS5, you will need to use the Drivehub firmware update tool, and also purchase a wired PS4 controller to plug into it, I followed others recommendation and use a Hori wired mini gamepad.