Comment by lxgr
Sony has historically invested a lot into backwards compatibility, going as far as shipping the previous gen's GPU and/or CPU with the PS2, initial PS3 models, and the PS Vita.
PS3 compatibility on the PS4 was notably absent, though.
Historically. But not presently.
They could include a software emulator at least for the PS2 (not PS1 because afaik the drive in the PS5 does not read CDs) on the PS5 and let people use old discs, but they don't and instead sell again old games packaged with the emulator in their online store.