Well, all my TSW2020 and TSW2 routes are playable on PS5. I run them from an external HDD so it's easy to swap between my PS4 pro and PS5 (depending on which room I'm playing in). My game saves are backed up to the cloud so again, I can pick up where I left off on either system. As TSW2020 and TSW2 are PS4/XB1 games, they run in backward compatibility mode.
Can confirm you do keep all your content and data, I switch from the one s to the series S, all my stuff switched hassle free
