No Ultra settings on console, unless CDPR updates the game once again.
Personally, after CP2077, instead of making a Witcher 4 as rumored, I really think CDPR should consider something akin to what 2K did with the Mafia trilogy... I know TW2 backwards compatibility on the Xbox One X has a 4K patch, but it's really not the same as playing a port that runs natively, plus they could make the graphics consistent across all three titles. It wouldn't sound like a money grab if it was made well and, most importantly, advertised and sold well.
But this is about TW3 and I don't think there will be any updates in the foreseeable future. Furthermore, to make the most out of the PS5's hardware, you'd need to adapt the game to their new SSD and this is yet another hurdle for them to overcome. Xbox Series X has a similar problem. So you end up with a game that won't reach its full potential in the new console despite the improvements.