EA recently announced more details about the "dual licensing" feature of F1 2022's champion edition. The "dual licensing" feature added to the Champion Edition allows players to upgrade the PS4 edition to the PS5 edition for free or the Xbox One edition to the Xbox Series edition, which is only available for the Champion edition.
In addition, the official said that PS4 players can play online with PS5 players, and the same is true for Xbox One. Items claimed on the PS4 or Xbox One port are still interoperable with the next generation version.
F1 2022 will land on Xbox One, PS4, Xbox Series X/S, PS5 and PC platforms on July 1, with the PC version confirmed to support VR devices.