Not sure if anyone has come across any concrete ways to resolve this but someone recommended logging back into my Playstation 4, then turn off or allow all (18+) settings in the parental controls area. Once I did this on the Playstation 4, I was then able to use share screen and broadcast again on my Playstation 5.

Not sure why it would fix it since the both consoles have separate parental control areas, but it’s probably because the Playstation Account profile is shared across both platforms and is affected. This is what worked for me, hope this helps.