The specs of the new XBox are slightly higher on paper, but the PS5 is doing some really interesting things in terms of optimization. Basically the XBox is going for high constant clock speeds, and the PS5 is shifting priority between the CPU and GPU components of the SOC so each gets boosted performance when it's most relevant.
Both consoles are doing very interesting things with asset streaming and decompression of assets directly from the SSD to video memory which are going to open up new opportunities not only in visual quality, but in terms of how flexibly game worlds can be designed.
Probably we will have to wait and see how all of this plays out in terms of real-world performance.