As reported by engadget,
If you were hoping to play Destiny 2’s next-gen update the moment it becomes available on December 8th, you may end up waiting. In a post detailing the game’s upcoming version 3.0.1 update, Bungie said Xbox Series X/S and PlayStation 5 owners will need to download the game again, whether they’ve been playing it on the new consoles since launch or not.
For those with an Xbox Series X or Series S, that means a download that comes in at about 70GB. Meanwhile, PlayStation 5 owners will have to download 67GB worth of files. What’s more, you won’t be able to pre-load the update before version 3.0.1 of the game goes live, as “pre-loads are usually only available for expansion type patches and are not available for hotfixes or seasonal updates,” according to Bungie.