Both consoles are still being bogged down by last gen right now, games wise Xbox is doing even worse than PS5 cuz PS5 at least has a few exclusives 1st and 3rd party, while Xbox you can count how many exclusives it has on one hand right now. Both now have a rental game service subscription, though one is still a little better than the other atm.
At this point if we were to do the whole Xbox vs PlayStation shindig right now Xbox only just barely comes out ahead imo simply due to the fact Xbox has a bunch of QoL and features PS5 for whatever reason just doesn't have yet.
PS5 is basically timed exclusives now - not games that will remain on their system alone forever. They are also mainly following a template that all of their timed exclusives follow: single player & third person. I mean Horizon is on PC now and I still don't give a fuck about it. I buy a system for features now and I love Xbox's UI because of how I can build my libraries to look. It's not cluttered with ads.
Also, game pass has games that are worth seeing as rental games. A lot of people didn't want to take a chance on paying for Psychonauts 2 or Guardians of the Galaxy, but Game Pass provided them a different outlook. I'm also very impressed with the backward compatibility. I can play games that aren't available on PC because of it such as DOA4, Rumble Roses.
I think people put way too much stock into exclusives in the 2020's. It's not generation 5 or generation 6 in the 90's or 2000's anymore where exclusive games basically defined system choice due to their prevelance. In generation 9, exclusives barely matter unless you: #A) Can only afford 1 console #B) You just have to play a very specific game that happens to be exclusive to a specific console.