According to IGN the new PS5 update coming April 14th will inculde enhancements to storage, social features, control and personalization options.
This update will allow USB expanded storage, and with Share Play. You will now be allowed to share game play between PS5 and PS4. The new update will give you access to the new Trophy Settings and Stats screen.
However the small size of the internal SSD and new games always releasing, your storage is sure to fill up quick. I'd reccomend picking up an external SSD or HDD for more PS5 Game Storage.