your game is not on your disk! Your game is downloaded after you insert your disk.

I have seen this being mentioned a few times. I wonder what those games are, or whether people are exaggerating for hyperbole.

I own physical copies of PS5 exclusives that I play without signing in to PSN. Most recently, I played the director’s cut of Ghost of Tsushima this way. I used to do the same on my PS4 too.