Early this afternoon, Santa Monica Studio announced that PS4's God of War will run "up to" 60 fps on PS5 in backward compatibility mode. By selecting the "Favor Performance" option from the game's graphical setting menu, the extra power granted by Sony's next-generation device will be able to propel the framerate much higher than on the PS4 Pro.
This isn't too surprising as a similar thing was announced for Playerunknown's Battlegrounds today. A lot of last-gen games offered options between visual fidelity and performance, God of War being one of them. By going with "performance," the title usually turned Vsync off and let the framerate fluctuate like crazy. While the framerate was officially higher, the games were typically CPU bottlenecked and would offer a much more inconsistent experience versus going with higher fidelity graphics.
In another odd move, Santa Monica also confirmed that save files would transfer from your PS4 to the PS5 for God of War. I'm not sure why they wouldn't considering God of War isn't getting a PS5 upgrade. This is the same PS4 version running on PS5. It would be very concerning if Sony couldn't even offer save compatibility for the exact same version.
Either way, getting confirmation is nice enough. It also falls in line nicely with the recently released patches for The Last of Us Remastered and Until Dawn, which significantly cut down the load times on PS4. It seems Sony is doing everything it can to improve the last-gen experience while not leaving older fans in the dust.
Source: Twitter