On PSVR1, Sony's "Media Player" app's only VR option was to display 360 degree mono videos with head-looking. There was no option for stereoscopic playback. YouTube did add a PSVR capable player, but streamed the videos at a very low res. A 3rd party player, Littlstar was capable for playing various 3D video formats (full 360 degree, VR180, and 3D bluray style 3D video), but demanded a subscription, even for local files... It also only worked on one or two codecs with very specific encoding options... and the decoding was poorly optimized, so large videos (only a subset of which is visible at a time, so you need a high-res video), didn't really work. Not ideal.
PSVR1 could support 3D blu rays.
On PSVR2, Sony still has no built in VR video playing app at all. Littlstar has rebranded as Rad, and has been struggling to get playback working. They also plan to make their subscription based on payments via some proprietary blockchain crap.
PS5/PSVR2 Sony dropped 3D BluRay support. It's not clear if it will ever return.