As of lately in PVE/PVP I have had constant audio issues mobs attacking me yet I can not see them, sound cutting in and out, I froze a few times in different dungeons for 20 seconds, the 3rd time I had to close application.
Clearing your local save data followed by power-cycling the PS4 can help with these issues. If neither of these help you may need to reinstall ESO. Instructions for performing these steps can be found here.
I can save you time and tell you that clearing local save data doesn't help, power cycling doesn't help - and reinstalling doesn't help either (I recently went digital with my ESO copy and so I re-downloaded the entire game from scratch).
The problem is sheer lag. Everyone is suffering and facing it - you aren't alone.