I'm playing on shadps4 0.6.0, with the vertex explosion fix mod, and a couple of the emulator mods (60fps, disabled a couple things but I don't remember off the top of my head).

I have a pretty old PC, 2060RTX and 6700k CPU, and other than some crashes here and there and some terrible lag/frame pacing sometimes, it works pretty well! Good enough for me at least, been waiting many years to play.