Just to expand a bit more from the perspective of someone that owns both, there’s a few other thoughts I’d like to share:
-the Xbox has 25% larger functional storage space, 800ish vs 600ish gb. I had a 2TB hard drive for my PS4 so going down to like 600gb and change is extremely frustrating as it fills up in no time
-aesthetically I like the Xbox more, though both are obnoxiously huge and difficult to integrate into a home theatre set up (ie neither fit into the slots of my TV stand and are instead on top of it flanking my TV on either side
-both are whisper quiet though I’d say the Xbox even more so BUT I find the disk drive in the Xbox louder, so if you’re going to be watching blurays on either go with the ps5
-the ps5 has a better controller with the cool haptic feedback options but it’s battery life is fucking garbage. Makes me miss the PS3 because generation after generation the PlayStation batteries seem to be getting worse and worse (ie PS3 battery life > PS4 > PS5). The Xbox uses AA batteries (or maybe its AAA, I actually can’t remember off the top of my head) so that’s kind of irritating that they’ll need to be replaced but on the flip side they last way, way longer.
-if you have any games from the 360/PS3 generation that you still want to play you may be in luck with the Xbox, but you’ll be shit out of luck with the PS5. As for games from the PS4 and One generation both the PS5 and the Series X seem to be fully backwards compatible for basically every game, though the Series X still has a few tricks up it’s sleeve such as “fps boost” and a few other optimization tweeks (eg right now I’m playing the 360 version of Halflife 2 on my series x and it has a boost to the resolution to 4K which is cool)
As I said earlier, can’t really go wrong either way.