Wonder if this will benefit from being ported to PS5 later like The Touryst & The Medium
I would not put The Medium as an example as a version that benefited from coming out later. It is a strange case, and totally subjective to prefer more resolution and slightly better fps but with occasional stutter. To "a mode" where you have RT AO, better RT in reflections, more points of light with shadows and a stutter-free framerate although some drop in fps on rare occasions.
That said, the extra time and consoles being so equal can help refine previous work. For example Oudworld Soulstorm on XSX improved performance compared to PS5 version (beyond the incomprehensible 30fps video CG scenes on Xbox and PC).
The Ascent version of XS has seen different patches with improvements and content since launch and should be analyzed from its current state. For example The Tourist never received a post-launch patch on XSX before the PS5 release, and was also clearly created on the XBO X basis.
That being said, I hope that the PS user will give The Ascent a try regardless of whether it performs the same, slightly better or slightly worse in performance than the XSX version. It is a very good game with a unique visual, artistic and sound section.