Their differing approaches to supporting older titles and future updates was fairly clear even before either console was released. If anything, Sony very much undersold their PS4 backwards compatibility, and it wasn't until people like Digital Foundry started to get their hands on it that it emerged the BC implementation was a lot more capable than initially suggested. It completely exceeded my expectations anyway.
The excellent selection of actual PS5 titles over the past year more than makes up for any shortcomings in enhancing games I've already played.
I suppose it comes down to personal preference. Backward compatibility is very important to me due to limited gaming time.
Xbox has always been my primary console as all my mates only have Xbox. All my PlayStation consoles have been secondary, for the odd exclusive that I find interesting.
Coupled with the fact that gaming time is limited meant I didn't really get many games on release (especially on PS) For example on my PS4 Pro, I think I only ever played through about 5 games over its lifetime.
This meant when I got the new Xbox and PS5 I had quite a few older games from the previous generations that I would have liked to have a go at. With Xbox and gamepass it was great, and a lot of those games I missed out on last gen I get to go through now with 60fps versions with no real additional cost. Unfortunately there isn't anything equivalent on PS5 (yet) which I hope there will be. Since getting the PS5 last June I've only played TLOU2 after it was patched!
There are only about 4 games I'm actually interested in trying on PS5 and they are;
God of War 4 which I believe has also had a free 60fps patch.
GoT, I'd be happy playing the standard game with the free 60fps patch.
Miles Morales
The new Horizon game.
However I'm going to hold out and see if any of those end up on Sonys rumoured game pass competitor before jumping in. Other than those there isn't anything else that interests me yet.