Considering the TV (X900H) that Sony is hocking as their PS5 TV, which supports Dolby Vision, etc., it will more than likely support it as well, if not at launch then down the like.
The 12bit color MS and Dolby are hocking (atm) is just BS, since there are zero panels (for now) that support 12bit.
Except when Sony chose to share PS5 specs, they only went so far as to confirm 4K 120, 8K, and Tempest. Nothing about any other video or audio features. No HDMI 2.1 features other than VRR.
The PS4 Pro didn't support any of the standards for 3D audio or HDR video that it could have, besides HDR10.
I assume Sony will reconsider supporting Dolby Vision, Atmos, DTS-X because the PS5 has a UHD BD drive. Many 4K movies use those formats/standards. And Xbox has confirmed they'e suppoting all of it, along with all HDMI 2.1 features like ALLM and FreeSync.
But the PS5 digital won't be used for 4K UHD BD playback so the PS5 will likely be de-emphasizing home cinema use and focusing on gaming.
So until Sony confirm it, I assume its not coming.