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Yes, you can technically 'link' the accounts, but nothing is tranferred. Initially, they did have a short period of time (afaik, when it was first set up) when they allowed items to be transferred across to the new account, but this was stopped at some point.
The ability to link will only unlock a few extras (skins, etc.) for setting it up, but otherwise, you'll have to earn (or buy) anything new that you want on the 'new' account, regardless of it being linked.
I don't really see the point or benefit of it, other than perhaps allowing a linked 'game name' to be used for both (if that's a thing?).
I wish Sony would not care only about money and they would let all games have cross progression, right now only Fortnite is the only/one of the only games that has cross progression.