When will UE5 released as PS5 released?
They said first previews early 2021, full release later in the year.
Remember that console support requires you to get developer accounts with Sony/Microsoft
I already have one so I don’t care about that 
If you’re not sure where register I really recommend register with Microsoft they able to send your game to any platforms including PS4/5.
No, if you want to develop for PS4/PS5 you need to apply for access with Sony. As far as Unreal Engine goes, once you’re approved you can contact Epic and they will provide you access with a build of the engine that supports that platform. Getting access to one platform doesn’t get you access to another, you have to apply for each of them.