Deleting the local save data on the PS5 may help with this graphical text issue.

To delete save data on PlayStation 5:

1. Go to Settings > Saved Data and Game/App Settings.
2. Select Saved Data.
3. Select Console Storage > Delete.
4. Check the box next to The Elder Scrolls Online.
5. Select Delete and then select OK to confirm.

@OmenRIP

Deleting the save data will only reset your Options settings, and that no character data or game progress will be affected.