Thankfully had some old footage from a bug report still saved. After the upload compression it's perhaps a bit harder to tell than in person, but I feel like you can still see the difference.

Old PS4 patch:

https://www.youtube.com/watch?v=hlKEJUZrgE4

New 1.1 PS4 patch:

https://www.youtube.com/watch?v=QXQvPKryWFk

What's not immediately apparent from the footage is that the new 1.1 patch seems to have introduced a minor, but noticeable lag on character movement inputs (maybe in the realm of 0.1 to 0.25 seconds). That combined with random frame drops (especially moving between two visually dense areas) I think is what's triggering the feeling of being underwater. I have almost never had issues with motion sickness, but even just grabbing the new sample footage was a challenge.

Sorry to hear the new patch has created such a bad experience for you. I know we have another big patch already going through certification, and I hope that will improve your experience, though i can't say for sure. Please let us know once it releases (some time within the next two weeks, last I heard.)

Yeah I noticed the same visual downgrade while playing the ps4 version on my ps5. Seems like the fps was dropped from 60 to 30 for some reason. It now plays exactly the same as playing on ps4. 

Hopefully they will revert this change and allow the ps4 version to run 60fps on ps5 again.