Since the release of 1.19.7, Realms purchases on PlayStation have been failing for many users. We have an update rolling out today that should resolve this! - jhp

Recently updated to 1.19.72 on bedrock for ps4/ps5 and can no longer access Realms. The message, "All Realms have been updated. Please update your game to continue playing." now appears. please address this as soon as possible please.

Were you also having major lag issues after the update a few days ago?

Hard to say. I'm on ps5 so lag for me is very minimal, but I have had issues with the new couch camera height and placing blocks. usually makes me place blocks higher than I intended to.