PS5 has more exclusives, XSX is a better thought-out console.
XSX technically has more GPU grunt but there's not much in it as devs either don't care or can't make use of it. It sometimes shows, like in Plague but overall they're pretty evenly matched or actually the PS5 comes out on top slightly in some multiplats. It depends but the difference is completely negligible when it comes to the overall experience. XSX has proper VRR and better BC though.
Online goes to the XSX, controller easily goes to the PS5, though you have to be aware Dualsense's battery lasts much shorter due to all the tech.
Ergonomically speaking, some people prefer the Xbox controller and that's perfectly fine. Both are good controllers, one is packed with tech, the other is a no-frills comfortable controller with much longer battery life.
I went with the PS5 because it had more exclusives, some of which turned out to be quite overrated, but still it has GT7, Demon's Souls and some other games I like that'll never be on Xbox and haven't made their way to PC yet either.
Also, I have a PC that I use for music production and gaming which I planned to upgrade with a new GPU (still hasn't happened though
) so there wasn't much point in going Xbox.
I could happily game on either, TBH. If you want to try the PS5, I don't think you'd regret it. There's always the option to go back to XSX later should you want to.