The PlayStation Plus Collection will be an added benefit to the existing PS4 benefits that PlayStation Plus members receive for a single subscription price – no additional membership fee required. Once you redeem a game from the PlayStation Plus Collection, you can keep the games for as long as you are an active PlayStation Plus member. PS4 games redeemed from the PlayStation Plus Collection and played on the PS5 console will see benefits such as increased loading speed and improved or more stable framerates with PS5's Game Boost****.
PlayStation Plus Collection details revealed + your November PlayStation Plus games
PS Plus members who own a PS5 console will get the PS5 version of Bugsnax; all PS Plus members get Middle-earth: Shadow of War and Hollow Knight: Voidheart Edition as part of November's lineup.
blog.playstation.com