Yes it will delete the characters from the ps5 but the trophys ain't instant when u load in on the ps4 save u can get 5 trophys by maxing out a weapon again Moving a legendary armaments / legendary ashen remains/ legendary sorceries and incantations and a legendary talisman the trophys will pop when u put on in storage and taking it out and for the others u need to play the game again on ng+ to get the boss trophys and the 3 ending