It releases on July 1st for Xbox One, PS4, Xbox Series X/S, PS5, and PC with Champions Edition owners receiving access on June 28th.
Dual Entitlement is EA’s policy for previous-to-current-gen console upgrades, namely PS4 to PS5 and Xbox One to Xbox Series X/S. In F1 22’s case, this benefit is not available for Standard Edition owners.
If you purchase the Champions Edition and start playing on PS5 or Xbox Series X/S, it’s possible to switch back and forth with the PS4 or Xbox One version respectively (with pre-order content carrying over).
So those on PS4 can play with PS5 players while Xbox One owners can play with those on Xbox Series X/S.