I own both and prefer Xbox as my multiplat console in most cases, primarily because Quick Resume is too clutch. Quick Resume and more controller options (1st and 3rd party), more 3rd party day 1 releases on Gamepass, and you can use the New Zealand trick to play most new releases a day early. Elite controller is better than the DS Edge in just about every way including price, mappable buttons, and battery life.
I use PS5 for exclusives, some multiplayer games, and general media watching because ps5 has the best media remote, but quick resume is too convenient to not be using regularly and I need my elite controller for ARPGs and shooters
Overall if someone could only buy one over the other, I would probably recommend PS5 as the all around pick but if you mostly play multi-plat games or regularly have multiple games in rotation then Xbox is the better console for that IMO