For the most part PC games/ systems are there. Maybe 1080p @ 60fps is a bit of a stretch, but they can give 24-30 fps.
And still we have consoles that revert to 720p
Maybe on paper
The though the total teraflops is lower, each CU of the graphics card on PS5 is running faster.
Real time ray tracing and an SSD running twice as fast as Xbox.....if developers are keen to program for those advantages, gamers would have a better experience on PS5.
but Sony would probably have to make it worth the extra effort
Ray tracing will be much better on Xbox