Adding onto Nebuc's post, that was not the only thing they have changed graphically on the PS5.
As I said before they are steadily tweaking their TAA solution. I think 1.19 is the absolute best looking version of the game. It's really subtle stuff but can make a scene look much better at times. They are adjusting some pop-in and LOD transitions sequences too, but they are not as much as a change as the IQ.
Before this patch, the flames that the cars could spit were bugged. I don't know in which patch it happened, but they were "downgraded". Turns out it was a bug as I had kinda noticed last week. Basically the flames were getting caught on the motion blur from the car speed, making them spread out and not really look like flames.
This was corrected in 1.19, and I suspect it was because of the Super Silhouette Skyline which spits plenty, PD then noticed it was maybe looking odd and even made adjustments. On cars that have two exhausts, they will sometimes spit different sized flames in different direction. They are looking really good now, and back to how it was at launch, maybe better.
The TAA adjustment makes a difference in every single thing on the games visuals, reflections, shadows, far distance viewing, ray-tracing artifacts... This is why I love PD, they focus on the most minute details and don't even notice players about it. They have been doing it since GT5, and sometimes it's bad (GT Sport downgrade compared to 1.00), but so far for GT7, the adjustments are great and I look forward to dissect every patch.
They have also made minor changes.. seems like the screen where you see your guy and earn KMs runs at 60 fps now regardless of what you set it (raytracing or performance). Also as someone said before, the replays are much better and even run a little better.
The 360 outside camera also is smoother with less chance of getting caught on geometry when you are passing thru...