I have both. I'm playing the Xbox more at the moment because GPU basically unlocks the entire back catalog I missed on X1X period. Experience so far:
PS5 - Demon's Souls, really good and impressive graphics and effects
PS5 - Valhalla, really good until the patch made frame tears unbearable. Completed it, debating whether to commit to the DLC
PS5 - WD: Legion such a bizarre game. Looks really good in parts but the furry fuzzy effect and ubi graphics looked worse than Origins in parts. Save eventually corrupted so didn't bother repeating 35 of the 40 hours.
PS5 - RDR: O, my mates are still on this platform so still doing my grind here
PS5 - Godfall, there's a good game in there but ultimately it's DOA until matchmaking is delivered. Definitely over promised and under delivered
PS5 - TLOU II, waited for sale and then played it on PS5. Overall, mixed on the story but a really good game
PS5 - CP2077, parked until patch 1.2 because I can't deal with the crashes
XS - Gears 5, campaign and horde, really good graphics
XS - Streets of Rage 4, was on gamepass and worth the download
XS - Tell Me Why, was on gamepass and gave it a chance as I like DONTNOD
XS - GTA: O, my mate had an xbox last gen so I've been mainly on this lately
XS - Ori, brilliant games
XS - Halo 5, playing through campaign co-op
XS - WWZ, on gamepass which made me try it and I love it.
XS - Gears I, UE on campaign co-op, also a gamepass download
XS - Warframe, just started this and will probably replace the time I spent on Div 2 (452 hours)
XS - Payday 2 was on gamepass and I'd seen it but never really thought it worth spending money on
XS - Forza Horizon 4, love it. It's like a comfortable grindy kind of game
XS - The Medium