No, you're not missing out, quality wise, unless you have a much bigger screen (ie above 40 inch), but I don't think PS5's play 4K (although I could be wrong). I have a Panasonic DP-UB820 MULTIREGION 4K Ultra HD Blu-ray Player (I copied and pasted that from online) which suits all my format needs. You won't see much difference between Blu-Ray and 4K unless you have a 4K TV in any case. :)