[2022] (PS5) Connection Timeout, can't play?

Is your ‘NAT Type’ open? You can check your ‘NAT Type’ on both the PS4 and 5 by navigating to Settings > Network > View Connection Status. The NAT Type should be listed at the bottom of the page.

I also recommend having a look here: https://support.fatshark.se/hc/en-us/articles/360007695698--Xbox-One-PS4-How-to-Resolve-Most-Connectivity-Errors