This is absolutely worth it for $40 (I'd say the $60 asking price was worth it for me). There are some valid issues with the game (like some of the story additions you can tell are just Nomura trying to out-Nomura himself) and there are gameplay parts of the game that just feel like they were added in as filler... but overall, I enjoyed the game a lot. The combat is fantastic; using the diff characters actually feels different and they were able to keep the materia system basically intact. The visuals are amazing, obviously, but seeing some of the moments/scenes from the original game with modern graphics are something else. If you never played the original and don't have nostalgic feelings for it, it's still worth getting because it's a very good action-RPG.
If you're in no rush, this game will be as cheap as FFXV which is currently $5 before any promos.
I played this on a normal PS4 slim and the graphics were fine, frame rate was stable so not sure a PS5 version is going to be that much better an experience. Of course, I'm too cheap to buy a 8-12K tv as well