Fallout 4 was released in 2015 for the PlayStation 4 and Xbox One, among others. This title can also be played on current-gen consoles through backwards compatibility. That will change.
Bethesda has on the Fallout website namely stated that Fallout 4 will receive a free update sometime in 2023, aimed at the PlayStation 5 and Xbox Series X|S. In other words, a current-gen upgrade.
If you play the game after installing the update, you will be able to play Fallout 4 in a higher frame rate or choose a 4K resolution mode. Many remaining bugs will also be addressed and additional Creation Club content will be added.