So, I contacted samsung about when an update would be released for the Samsung Galaxy S20 Ultra 5G to get 5G capability on Verizon's network. I currently have a plan that supports 5G UWB as well as a 5G compatible sim card in my phone.
Here is the response I got from SAMSUNG.
"As per checking here, your phone is S20 Ultra 5G unlocked version. I understand that you have the same plan as with your partner, however, as per Verizon, unlocked version won't get 5G signal. They prefer that the phone is locked version to have a 5G signal."
As well as the following.
"Your phone is 5G capable, it's just that your current carrier does not support on an unlocked version."
But when I read through Verizon's statements about this situation, I usually get something along the lines of the responsibility is on the phone manufacturer to release a form of an update for this.
Why is it so difficult for both of you (Verizon/Samsung) to get your networking and compatibility issues either solved or at least give a straight answer??
You are not missing anything but getting Verizon 5G... at least for now.
UWB is almost non-existent with Verizon, and the other, 5g is more often than not slower than Verizon's 4g service... AND once you realize Verizon's 4g is faster, you CANNOT go back... you're stuck with their inferior 5g "service".
This may all change in a couple years, but as of now, be grateful that you get Verizon's faster 4g service.