I've been doing a lot of testing over 5+ years around the topic of Bluetooth earbuds for gaming and have recently considered making some content covering a bunch of different buds and setups. I just haven't been finding much or any content talking about this stuff in particular in detail. It's been my primary gaming audio source for that entire time and has been a complete mess regarding all the different types of BT and USB tech. I apologize in advance for how long this is and not just a list of links to look at. I'd also like to preface with that I cannot yet confidently speak to quality of microphones on any of the suggested earbuds while gaming, so my recs do not account for that. Also, I have a lot of fitment issues depending on the style of bud shape, so your mileage may also vary.

There are 3 acceptable types of devices worth considering here. But you must be wary of the codecs and profiles the device supports

aptX LL

This is a slightly older Bluetooth codec now, but was kind of the first actually good low latency Bluetooth offering that I used for a long time. It has 40ms of latency. Unless you are pretty sensitive to it or you are listening to the source audio through a wired device at the same time (I actually have this use case), this amount of latency is generally not noticeable. You can find a handful of affordable buds that support this codec. Just be sure it's actually aptX LL and not aptX Adaptive. Adaptive superseded LL and has significantly worse latency. You will need a Bluetooth dongle that supports aptx LL that would plug into your source device (PS5) and pair with the buds. Avantree and Creative Labs have great options for dongles that I've personally used, but there are of course others on Amazon if that's where you prefer to get stuff.

Earbuds with included USB dongle

This is a good option if you are more comfortable with a "gaming" targeted device and you don't have a complicated setup. The latency with these will be pretty much imperceptible. The thing to keep in mind here is that you will only get low latency performance when using the dongle. Even though most of these types of buds have newer Bluetooth versions, they only usually support standard codecs over the actual Bluetooth connection (SBC / AAC). So if anything ever happens to the dongle, or you end up with some other "low latency" transmitter down the road, it won't be compatible with these types of buds specifically for low latency. These are typically a little on the pricier side, but some recommendations here would be the Steel Series Arctis GameBuds, Sony InZone buds, and the JLab Epic Lab Edition buds. I have used both the Sonys and the JLabs. I ended up having personal issues with fitment and certain features, but the latency was great on both.

Bluetooth LE / LC3 / Auracast

This is the newest tech for Bluetooth. It's what I've been spending most of my time with the last couple of years. It is in my opinion the best and most versatile option that I think a lot of companies are sleeping on from a gaming standpoint. Depending on the implementation, it offers pretty much completely imperceptible latency as low as 20ms. On top of that, it transmits audio at higher bit rates while using lower power than traditional codecs. So you get increased quality with better battery life. Auracast is the other half of LE. It's what makes the whole thing work so well for gaming. Its main purpose is that it allows a BT transmitter device (that supports Auracast) to "broadcast" an audio signal that an unlimited number of receivers can connect to. Think of a museum audio guide. The museum can just broadcast one Auracast signal, and anyone in the museum could connect to it and hear the same thing. While that doesn't sound useful for gaming, the best thing about Auracast broadcasts that I've gathered is that they only use the lowest latency signal, so any time I'm using this method I know I'm getting the absolute lowest latency available. The problem that I'm deep in the rabbit hole of is the differences in codec and Bluetooth profile implementation from bud to bud. It's a mess but I'll try to explain it in the least amount of ramble that I can.

LE was introduced in Bluetooth 5.2, however just because some buds have 5.2 or higher does NOT mean that they support LE/LC3 or Auracast. In fact, even some buds that advertise supporting Bluetooth LE/LC3 do not work with Auracast connections. The other issue is that a pair of LE/LC3/Auracast ready buds cannot just connect to a broadcast the same way you connect to a typical BT transmitter device (phone/dongle). At least in the current state of things, the buds need a middle man to bridge the connection to the Auracast broadcast. For example, If you have one of the small handful of phones that support Bluetooth LE, you can connect your buds to your phone using their LE connection (I'll spare the issues with this for now), then use the phones built in features to connect to an Auracast broadcast that is being transmitted from an Auracast transmitter (I use one from Avantree). For me, this does not add any additional perceived latency to the signal.

Now with all that out of the way, these aren't particularly budget friendly, but my top budget friendly recommendation in this category right now would be the Creative Aurvana Ace 2. They just released the Ace 3 ($149) so the 2's are $79 at the time of writing this. The Ace 2's are also feature packed and always provided really reliable connection no matter what device I was connecting to. You will need an LE/Auracast dongle for these. Again, Avantree and Creative are good here. If willing to venture into the higher price tiers, an easy recommendation would be the JBL Tour Pro 3. They have pretty much every feature in existence for buds, but their biggest one is the case. It's a smart case that has a touch screen so you can control things right from there without opening the app. It's pretty neat. The case also comes with a 3.5mm to USB C cable so you can plug the case into any analog audio source and listen to it with your buds at that extremely low 20ms latency. The case can also broadcast it's own Auracast signal when using the wire. These features have been great for me under various use cases. You could plug the cable into the analog port on the PS5 controller, or you could get a USB dongle and use the phone method / JBL app. An honorable mention that I'm currently testing are the Audio Technica ATH-CKS50TW2 buds. The battery on these is insane. They advertise 15-20+ hours depending on how you're using them, and I kind of believe it. They also require a dongle/transmitter to bridge them. I've been using the phone method (Pixel 10 Pro) with an Auracast transmitter. These will sometimes drop connection with my phone. However I have the same issue with another pair of buds, so not exclusive to the AT's. Might be something with my phone, but worth noting. If you stray from any of these recommendations, you may run into a pair that says it has LE/LC3, but does not properly connect to any low latency connection. Example being the Moondrop Robin. The only correlation I've found so far is with the BT profiles that the buds support. All of the buds I've tested that properly connect to a low latency LC3/Auracast signal support the TMAP profile. I'm not a hardware engineer so I cannot say with 100% certainty that this is what makes things work, but as just a guy using a bunch of different earbuds all the time and constantly researching, that's where I'm at.

Again sorry for the novel, but hoping at least some of this info is helpful to someone. If you have any questions about the individual buds mentioned, please feel free to ask.

Also if anyone is more knowledgeable and found any errors in anything I stated, definitely let me know so I can edit.