I can tell the difference if I'm looking for it on PS5/65"TV but I tend to set it to fidelity for the first session for that "wow" factor on a new game, then I switch to performance.
If I'm into a game, I'm only really going to notice in the cutscenes anyway after I've played for a bit. It looks pretty good anyway, and I'd be much more annoyed by high input lag and low frame rates/stuttering than slightly lower visual fidelity.
