Yes you can use the monitor with the PS5 but :

The monitor has HDMI 2.0 means:
Games in Full HD maximum -> 120Hz
Games in 4K maximum -> 60 Hz


With a monitor with HDMI 2.1 you achieve :
Games in Full HD maximum -> 120Hz
Games in 4K maximum -> 120Hz

So :
HDMI 2.0 monitor is sufficient for the current conditions.
HDMI 2.1 monitor is more future-proof