Patch 1.04 is out now on PC, PlayStation® and coming to Xbox very soon.
The patch temporarily disables ray tracing on PS5 due to stability issues. The Xbox Series X and PC versions of the game will continue to have ray tracing enabled.
The patch also fixes an issue where players on all formats were getting corrupt save files if they edited their vehicles livery.
Source: N4G PC F1® 2021 – Patch 1.04 Notes