Earlier quoted context omitted.
What? I'm also playing on PS5 and had zero crashes so far (20+ hours). Pop-in, flicker and shimmering? It feels like I'm playing a different game to you.
Perhaps there is some sort of issue within the game that's making it render and behave differently for different players. I don't know what to say other than my console works perfectly for every other game and I've never had a console crash before I played ER, or since while playing any other game. The whole console suddenly turns off, I have to yank the power, and when it comes back on it sends an error report to So…
For some unfathomable reason, the game comes with HDR turned off by default. You need to start / load a save, press start -> system -> video -> enable HDR (you cannot do that in the main menu for some reason). This improves visual fidelity significantly and makes it feel at least like something resembling a PS4-era game.
Coming from Horizon: Forbidden West, the graphics of Elden Ring still feel very dated, with low-res shadows & textures, flat lighting, low draw distance and constant frame drops. The UI is also rather clanky - this is the first game in a decade I actually had too look-up instructions for equipping items.
Even with that, I find the atmosphere and experience very enjoyable and I'm looking forward to exploring the world in more depth. I also love the lack of artificial level scaling/gating - go unprepared to the wrong spot and you are dead.