On a whole, this is a major feature to have especially if you plan to play in higher than 60fps. So you would notice its absence if you’re playing PS5 games on a monitor, or a TV that supports up to 120Hz refresh rates. But if you’re satisfied with 60fps, then it should be fine without.
Still, it’s odd that the PS5 doesn’t come with the feature out of the box. It’s kind of like the M.2 SSD slot, where the console hardware does allow support for them, but the features themselves are not actually usable. For the SSDs, the reason was understandable, but not quite so for VRR.