The PS3 used a drastically different CPU architecture known as the Cell processor. It was notoriously difficult to program for, even when it wasn’t being emulated. The PS5 simply doesn’t have enough processing power to emulate the awkward CPU inside the PS3.
The PS4 has a substantially similar architecture to the PS5, simply slower. So, it’s fairly easy to play PS4 games on the newer system. The PS1 and PS2 are old enough that, even though they were different architectures to the current system, they can be emulated.
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