The New PlayStation 5 CFI-1100 Review - Featuring @Gamers Nexus!:

Yes, the cooler design in the new PlayStation 5 has been simplified in some respects and yes, the internal temperature results suggest that while cooler in some cases, the machine can run hotter in others.

The core question of whether the new PS5 is better or worse than the launch model can be answered by saying that they're mostly much the same, certainly in terms of the end user experience.