As with all patents, the wording is odd. The patent states, "Proposed is a controller which can suppress an amount of protrusion of an operation member from an external surface of a chassis while operability of the operation member is maintained." The patent also talks about parts of the controller that are rotatable and slidable. The controller design is meant to be ambidextrous for right or left-handed gamers.
The patent also calls out the ability to set the controller on a desk surface and place an arm into its ring-shaped middle to interact with objects in the virtual world. The ability to pass an arm through and interact with virtual objects is the portion that raises speculation that the controller might be aimed at use with the PlayStation VR 2. Other tidbits mentioned in the patent include the return of the lightbar on the controller. The controller is also described as being modular with rubber triggers and a "rubber surface having two grip regions" that users can mount to the chassis.
Finally, the controller patent also mentions the ability to interact with the device using voice commands. A voice assistant button is something that Google has added to its Stadia Wireless controller with a button on it for Google Assistant.
The image from the patent above seems to show a device that looks like the Sony toio controller, so there is a chance this device might not be for the PS5 at all. Sony confirmed earlier this month that the PS5 console would have a haptic controller. We've also seen some cool renders of the console design leak ahead of its 2020 launch.