Yes, with a caution. With the current information from the official Playstation Blog, there are good news:
- Specialty peripherals, such as officially licensed racing wheels, arcade sticks, and flight sticks, will work with PS5 games and supported PS4 games.
- The DualShock 4 wireless controller and PlayStation officially licensed third-party gamepad controllers will work with supported PS4 games.
Basically most PS4 arcade sticks should work with the upcoming PS5 and its next-gen games. However worth noting is that you can’t play PS5 games with the old DualShock 4 controllers.
But there is the usual disclaimer at the end: “Please note, not all PlayStation officially licensed or third-party peripherals/accessories may work on PS5. We recommend checking with the manufacturer to confirm whether a product will work on PS5 and specific titles.”
So it’s up to the manufacturer in the end how it’ll work with PS5.
The ever popular Mayflash arcade sticks aren’t officially licensed, and there doesn’t seem to be a word from them how it’s gonna be, but I have a suspicion that they’ll make it compatible with the next-gen consoles, including Xbox Series X/S.