Wait for PS5, Buy a PS4 Pro Today
If you want the best looking games, you can buy a PS4 Pro today which allows you to game in 4K with HDR without waiting for the PS5. This newer console delivers better graphics and better performance than the PS4, and if you already invested in a 4K TV with HDR support this is a great way to take advantage of the features you already paid for on your TV.
God of War looks incredible on the PS4 Pro and many other games come with better graphics on the system. This is an excellent upgrade to hold you over to the PS5, and a great upgrade from the original PS4.
If you go this route you can sell your PS4 or trade it in to help cut the price down and the PS4 Pro will hold value well for the next year or two, until we learn about the PS5 release date. With backwards compatibility confirmed, you can count on playing your favorite games on the PS5.