The standardization of 
Thunderbolt 5 has been completed a few months ago and various prototypes with the upcoming interface technology could already be admired at this year's CES 2024.
USB4 2.0 remains a fully supported sub-standard and the synchronous, bidirectional speed doubles from 40 to 80 Gbit/s. There is also an asynchronous mode that can even reach a maximum of 120 Gbit/s in one direction. In this case, the opposite direction drops from 80 to 40 Gbit/s.
Thunderbolt 5 is coming - first products on the market soon
As reported by Heise, prototypes of Thunderbolt 5 docks were on display at CES 2024, which can provide even more interfaces due to the increased bandwidth. All of the docks presented also offer an integrated M.2 slot that supports fast SSDs, but theoretically also other PCIe components. The first models are expected to be delivered in the second or third quarter of this year.
However, you also need a suitable computer to use the new speed, and things are still looking bleak. Apple is unlikely to support Thunderbolt 5 until an M3 successor chip at the earliest, which nobody expects before the turn of the year 2024/2025.
And Intel's recently announced PC CPUs are all still stuck with Thunderbolt 4. However, there is already a controller chip that Razor showed at CES in a prototype laptop (Razor Blade 18). This allows three additional external 4K screens to be used via Thunderbolt 5. However, this requires significant additional space and power in the notebook, which is why Intel itself only sees a few niche mainboards with this Thunderbolt 5 controller chip coming this year.
This means that Thunderbolt 5 will probably not pick up speed until 2025...
;)