The next firmware update for Canon EOS R5 is scheduled to be released in February 2021. This new EOS R5 firmware is said to be already installed on select cameras and getting tested in beta version.

Canon EOS R5 firmware update primarily bring the C-Log3 and Full HD 120fps, in addition to lower bit rate options in RAW as well as IPB in all frame rates and codecs. So expect Canon to add 120fps in 1080p and lower bit rate options in 8K to the EOS R5.
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https://www.dailycameranews.com/2021/01/new-canon-eos-r5-firmware-coming-in-february-2021/