Yes, it is possible to do this using the wifi data transfer. You will need to have both consoles on the same home network and you will be able to transfer the game saves from the PS4 over to the PS5 without any issues. The same limitations for game saves will apply as we had on the PS4. You will only be able to use it if the game save was from the same user account. You won’t be able to copy your friends save and use it with your profile on the PS5.