Well… Your predecessor is very short-sighted. Your statement that the PS5 loses out to the Xbox in terms of hardware is a bit harsh, but it is true that the Xbox has better hardware for this generation. Not so much because it is faster with tflops, but more in terms of design.
The PS5 is often more stable in terms of FPS because it runs at lower settings/resolutions in a number of games and is better suited in design for classic games, the PS5 also does checkerboxing of course. The PS5 also has an advantage due to its design in games that do relatively little with shaders. The last gen games that are ported for example. You see the PS5 in what more classic games thus do better. That goes for the GPU as well. There is less capacity for ray tracing (because fewer CUs), but the ROPs and TMUs run at a higher clock and there are almost as many as with the Xbox. So if those are used primarily and the CUs have little else to do, the PS5 can show more stable results. Also called higher fill rate.
Where the PS5 is going to run into limitations more quickly is in things like ray tracing, increased use of shaders, SSR, basically anything where more CUs help. You see a game that relies a lot on SSR, which is why you often see better performance on the Xbox than on the PS5. Another issue that the PS5 has and why you see a lot of games running at a lower resolution or lower graphics settings on the PS5 is that the GPU runs at a very high clock and therefore consumes a relatively large amount of power (the RX6700XT also consumes a lot and is very hot compared to the 6800 series, because same design choice) in addition, that power consumption must be shared with the CPU. So if the GPU is having a hard time, the CPU has to sacrifice performance. With things like ray tracing in games where the CUs and really the entire GPU are under a lot of pressure, the power consumption increases and you notice limitations in the design of the PS5. In theory, that’s where these kinds of restrictions could well come from. Also, in cases where you have to work with RT and at higher resolutions, the larger memory bandwidth of the Xbox comes into play. That helps considerably at 4k with all the bells and whistles on.
Sony has opted for a dynamic clock on the GPU and CPU and set that on the GPU relatively high with a relatively small number of CUs and a smaller chip than the Xbox. You can see it very well in the RX6700XT reviews compared to the RX6800. The RX6800 has more CUs/cores and is a larger chip. But the RX6700XT runs at higher clocks. The Xbox Series X and PS5 are actually very similar. You see that an RX6700XT on real 4k encounters limitations, especially with RT on, where a 6800 runs out considerably. However, in older games and lower resolutions, the RX6700XT creeps closer to the performance of the 6800. In comparison, a PS5 is comparable in GPU terms to an RX6700XT with 10% of the CUs disabled. The Xbox Series X is closer to an RX6800 and faster than an RX6700XT. You can see that game developers, especially now with some more real next gen titles, are more careful with the resolution and graphics settings on the PS5 than on the Xbox. On the Xbox they just pop things to 4k and believe it, on the PS5 you see 1800p more often.
Sony has often had to lose out to Microsoft in the graphic field. Sony also has no intention of sending out the best graphics. They never did. The PS3 also couldn’t deliver what the Xbox 360 delivered and the PS4 Pro was also over 30% slower than the Xbox One X. Only with the PS4 and Xbox One (first variants) the PS4 was slightly faster. But that is the exception rather than the rule.
The PS5 will be cheaper to produce than the Xbox, except for the controller. The Xbox also has a very good cooling system in this generation, for example.
But… This generation isn’t about the hardware, it’s about the exclusives. Because both MS and Sony are fighting each other in that area. The hardware is secondary to that.