Visual Fidelity on PS5...Looks Like an Early PS4 Era Game

I understand that the visuals will not be PC level visuals but the graphics are simply not current gen right now on PS5. The game is VERY grainy and the textures and lighting are not there yet. The game is early access so hopefully some optimization happens from now until launch.

Agreed. In it's current state the game is down right ugly on PS5.

Try changing the upscale setting from NIS to FSR and set resolution to Quality. It will look much better.