The update offers double the framerate.
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The PlayStation 5 update for The Last of Us Part 2 is finally here. This brings the game up to 60FPS as the standard. As you have come to expect by now, the update is free to everyone that owns the game.

This update was announced via the PlayStation Blog. It offers options for either 30FPS of 60FPS framerate targets. Things such as improved resolution and load time improvements were apparently already available to players through PlayStation 5's backwards compatibility.

Once the 1.08 patch for The Last of Us Part 2 is installed, you will find a toggle in the Display options that allow you to select between the two framerate targets. I assume that the 30FPS mode offers crispier visuals while the 60FPS mode values framerate over resolution. You don't have to take my word for it though, as the folks over at Digital Foundry put in the work for us.

They say that in the 8 hours of footage that they captured and tested for this update, there was only one scene that they encountered that dropped below 60FPS and even then it was still 57FPS. Otherwise, it was a locked 60FPS for them across the board.