I just bought T300 RS with TH8A & T3PA Pro combo earlier this year to upgrade from my G25 set.

Why should I throw them away anyway ?

There are options such as CronusMax/Titan convertors to connect to newer consoles.

I have the CronusMax since G25 is not supported in PS4.

These options are much cheaper than replacing the whole steering wheels set, until the wheels are totally worn or faulty and due for replacement.

PS5 should recognize the fanatec csl elite as a PS4 type controller wheel, so should not be a problem to play PS4 games that is already compatible with the wheel.

Now whether or not next gen games would recognize the PS4 wheels will depends on game developers themselves to put in the interfacing themselves, or rely on PS5 firmware to provide the interfacing, along with the wheels own firmware update to comply with the PS5 device handshake protocols.