Reporting back with some new findings.
I decided to try AUX on the PS5 and was amazed by the difference it makes to have the 3.5 mm cable plugged into the controller. All crackling of the Mic was gone, and the volume level of the mic on the PS5 was literally 1/4th of what it has to be wireless to be well in the "GOOD" part of their input volume measurement. Even if they fix the issues with the wireless performance I may keep that cable going into the controller for that nearly broadcast quality mic. If you want to stream directly from your PS5 I don't think you could do better than the Penrose + AUX cable to controller. Although it does defeat the purpose of going wireless, kinda.
This suggests to me that I can use these headphones wirelessly with my Xbox Series X for the premium sound, and then connect them into the 3.5mm for the microphone only to get the best sound out of that. Is this correct?
Being wireless is just a bonus for me. I'm already tethered to my desk by virtue of my monitor and Xbox being here so don't really care if there's a wire into my controller if it means the mic sounds better.