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I use my PS5 at 1440p and it works fine for me. I think I've pretty much used it with either a 1080p or 1440p monitor since I first got my PS5 at launch.I made a thread asking the same question - Someone said games at 1440p 120Hz looked awful for him. Can anyone else in this thread answer this?
Before Sony officially supported it you'd have games running at 1080p 120hz stretched to 1440p which is probably where the 'awful' description came from - but you could also (on some monitors) run the PS5 at 4k on a 1440p monitor which actually looked alright.
Now it's supported, you have native 1440p 120hz support and it runs great. Considering most games actually run at 1440p (and are then upscaled to 4k) it's actually a pretty solid choice.
I've recently played and 100%'d Spiderman 2 and Assassin's Creed Mirage on the PS5 at 1440p and it's been great.