The games FAQ says that this counts for MyTeam. Basically, you will be able to field any of your players across PlayStation or Xbox generation systems.
However, crossplay will still not be available across console families. This means that PS4 players will not be able to play with PS5, and ditto for Xbox One with Series X/S.
Although its disappointing that PS4 cannot play with PS5, it's ultimately because there are significant differences between last and next-gen versions of the game.
Of course, you can still buy cheap NBA 2K22 MT separately for PS4 or PS5 on xtmmo.net, safe to trade, fast delivery.