The PS5 can record and capture up to 1 hour of 4K footage...but you'll want to use it sparingly.
Like the PS4, the next-gen PS5 can record up to 1 hour of your most recent gameplay footage. The console can automatically capture in-game footage and format it as a replayable/sharable video. The PS5 has seven different length formats: 15 seconds, 30 seconds, 3 minutes, 5 minutes, 15 minutes, 30 minutes, and 60 minutes. Unlike the PS4, which caps out at 1080p, the PS5 can record footage in up to 4K resolution.
The 30m and 60m lengths should be avoided unless you're capturing in 1080p. 12 minutes of 3840 x 2160 resolution footage in Assassin's Creed Valhalla took up 3.12GB. The PS5's SSD only clocks in at 667GB so your storage space is at a premium. If you capture 4K or even 1080p footage, definitely be sure to export the video to an external USB stick or drive for use later.
Another awesome feature is being able to record your mic audio or party mic audio in the footage. This is a great move for anyone who wants to make their own content and easily upload it to YouTube. Ultimately that's one of the main goals with the PS5--to turn players into in-network influencers and content creators that spread the word about the PlayStation ecosystem.