Unplayable lag on ps5

What is up with the unplayable lag on ps5. It's so frustrating. Every 2 - 3 seconds my character locks up, then rubber bands all over the place. This is super frustrating.

As far as I can tell people have been having this rubberbanding/server lag issue since at least early December. I bought the game a week ago and it has been mostly unplayable do to this. I can't find anywhere in the forums where this issue has been addressed by staff, though I could have missed something. If you find a fix to this please let all of us know!?

I have the same issue on ps5
I just want to add that this is not a user related problem. I have checked connection stability on pc and it is great, no lag spike. I have checked my internet connection trough other game on ps5 and it is fine. Only with POE2 my ping bounce over 600ms causing the game to pause.

Not only lag on PS5 but drops are disappearing if you dont loot them fast enough and even if you manage to loot them.. drop them out of inventory they will disappear too. I am not even using any loot filter

Below is the video of the bullshit bug i am having. In the video, right at the beginning my drops magically disappeared if i did not loot them. At 17 seconds mark i drop the items i loot and it disappeared on the ground

https://youtu.be/G_79py8UV7Y?si=hd0wPjLty7x5klKk

This is a loot base game and if i cannot loot properly apart from the constant horrible lag/rubber banding then please offer me a refund option on my supporter packs. I am not paying for this garbage.