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The problem with a PS5 update is that it is obviously locked to PS5. Now that the two versions aren't running side by side, multiple issues suddenly arise. The already low player base gets cut in half, and that would probably kill the game off pretty quickly. Most likely, the PS5 version would have access to PS4 content, but what about the other way around? If a user sculpts a simple rock on PS5, none of the PS4 users would be able to use it. Updates may not even release at the same time for each version.
A similar situation happened with Minecraft once they broke into 2 main editions, Java and Bedrock. Same game, but not the same player base.
The best update for them to be working on would definitely be online multiplayer, and Mm already knows this. No reason to spam the same question every update/livestream.