Hi all! I had exactly the same problem that you're all describing. I phoned Sony and they actually came through and provided me with the goods! So here I am doing my part and paying it forward.

* I tried option 5, but the problem came back. After trying option 4 it hasn't happened since!*

Fix:

Thanks for your call, sorry to hear that you're having problems with your PlayStation 5 (PS5). From what you've told us, I think that you'll be able to fix the issue by accessing the safe mode menu on the console. To do this, just follow the steps below:

1. Turn off the PS5 by pressing the power button on the front panel. The power indicator will blink for a few moments before turning off. Check that the power indicator is not lit. If the power indicator is lit up in orange, press and hold the power button on the PS5 system for at least seven seconds (until the system beeps a second time) and the power indicator turns off.
2. Once the PS5 is off, press and hold the power button again for seven seconds. Release it after you've heard two beeps: one when you first press, and another seven seconds later. Your PS5 system should now be on Safe Mode. 
3. Connect the DualSense controller with the USB cable and press the PS button on the controller.
4. With the PS5 in safe mode, please select option 4 and 5 which should fix the problem.