The Lumen lighting technology featured in Unreal Engine 5 is now capable of running at 60 fps on PS5, though Epic Games aims to optimize it further to reach 120 fps.
During the Epic Games Unreal Fest 2024 (via) in Seattle, it was revealed that, with update 5.5, Unreal Engine is now capable of running high quality Lumen and hardware-based ray tracing at 60 fps on PS5, and by extension the Xbox Series X. Lumen is targeting less than 2 ms of rendering time. Epic Games is looking to make it more scalable in future, with further optimizations aimed at getting the rendering technology to target 120 fps on current-gen consoles.
Source: Unreal Engine 5 Lumen Now Runs At 60 FPS On PS5, Epic Games Aiming For 120 FPS