The PS5 now supports displaying 120Hz content at a 1080p resolution, which wasn't the case before. However, there's still no variable refresh rate support. Additionally, the PS5 has an option now where it can switch the video output to non-HDR when the console is playing SDR content.
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Everything else in the PS5 April update
Additionally, the PS5 has a new HDMI control option called One-Touch Play, which lets your PS5 turn on your TV when the console turns on. This is similar to how the Nintendo Switch functions. There's even a Power Off Link option, which will put the PS5 in rest mode if you turn off your TV.
As recently stated in a PlayStation Blog, you can store PS5 games on compatible external USB drives, but you can't actually play from these drives -- they're just used as a transportation device.
PS4 and PS5 players will be able to Share Play with each other, so you can technically play PS4 games on a PS5. Additionally, PlayStation added a bunch of new improvements to controls and personalization options. There's an improved Game Base and Trophy Settings screen as well as the ability to quickly disable chat or adjust player volume, pre-download updates, customize your game library, screen zoom.
At the end of the blog, PlayStation talks about updates coming to the PlayStation app for mobile devices, including one that lets you join multiplayer games straight through your phone.