To be fair, after adjusting the FOV slider and motion smoothing of the the tele, the game feels much much better now.
Previously as well, it was nothing close to the video posted above . The TV FPS counter was consistently showing the FPS ranging between 50-60 fps with VRR. There were frequent milli second stutters and there was a lot of pop-in compared to other games on the PS5 but it wasnt unplayable or broken in any sense.