A:AnswerNo. Sony pushed an update (software) PSP to stream games from the PlayStation Network. As long as you have a PlayStation account and subscription you’re ready to play.
A:AnswerThe portable will turn on your PS5 for you where you can play it just like you’re sitting in front of it. With the WiFi connection your entire catalog will be at your fingertips. It will not be able to load any disc games unless it’s already in your PS5. If someone is already playing on your PS5 you will not be and to also be playing the portable while they’re on it if it’s not a multiplayer game.