I've been downloading a few of the free upgraded versions of my PS4 Games and i honestly can't tell the difference. The framerates and graphics don't look any better to me. I've got Jedi fallen order and Resident Evil 2 and i don't know if it's been worth upgrading.
Also say you already started a game file on your non upgraded version and you download the upgrade. Will you still retain your save spot from the non upgraded version or is it like starting a new game?
In theory, it is worth the upgrade.
PS5 games should naturally look and play better than PS4 versions. Increased graphics resolutions should mean that they look better, and the increased frame rates also mean that PS5 games should be smoother and more responsive.
As for the saved game data — I cannot answer that question. It is possible that it depends on which game it is. The PS5 Hogwarts Legacy might let you use the PS4 save, for example — but the PS5 Last of Us may not.
Honestly, when I picked up my PS5, I traded in my PS4 at the same time. So I have never had them side-by-side.
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