So yeah, while the USB-A port on the front will carry data, it is inherently slower than the others. Though it's not a huge deal since there are two full-speed USB-A ports on the back anyway. I figured this deserved a separate thread since there was some questions on how many of each kind of USB port there were on the PS5. Some arcade stick makers will probably include a USB-C-to-C cable for the sake of convenience, with Victrix having already teased that they're doing just that (see below).
But for those who are using their old PS4 sticks, you shouldn't have any shortage of ports to use if you're okay with using the back ports. And even though the front port isn't full-speed, I doubt any existing PS4 stick actually uses said speed.
Source: PlayStation Blog