This probably isn’t new to most of you, but alas:

If you want to place furniture and rotate it, select it in your bag as you usually would and then use the right stick to place it. A small cursor will appear and while the furniture is selected, it will show up underneath it. Then you can rotate it using the ‘x’ button (on PS5, there will probably be similar buttons on other consoles) and place it the way you like.

I recently started my first playthrough on console and this bugged me quite a bit. So hopefully this is useful to some of you.