Upper (or minimal) HUD can be hidden, the lower right is nailed to the screen. The keyboard shortcut won't work as well. *SIGH* Can somebody confirm or do I miss something here?!
I just came here to report the same (also on PS5). Neither the Option button on controller or F1 removes the whole HUD. CTRL + 5 still works to remove the bottom HUD after the rest is hidden but that is just the workaround I found for those with a keyboard attached.
