Since the PS5 is already x86-64, the main friction point here is likely the proprietary graphics API rather than CPU instruction translation. I wonder if they handle GNM command buffers by pre-compiling them into Vulkan during that static relinking phase or if there is still some runtime interception happening when the game tries to queue those draw calls.
AGC (the PS5 version of GNM) is around 80% complete on CPU side and 98% on shader side. Of course this says nothing about bugs or missing edge case behavior but it's still impressive.
I checked the code and it rewrites shaders from RDNA to SPIR-V at runtime. There is a disk cache and it's a binary format so it shouldn't be much slower than vkd3d translating from DXIL.
The PS5's 3D audio chip might also present some difficulty to work around, since it's proprietary. I wonder if the 1st party games that feature it have any issues.