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I don't see why this is still a debate. On paper the X is more powerful while the PS5 is faster. However stuff we are still learning is MS is rumoured to have a better compression solution and might be easier to develop for in comparison to the PS5 etc.
Like most console generations, hardware is only as good as the developers using it. 12 TF or a super fast SSD is useless if devs don't optimise for it.

Also wanted to add, those saying you cannot tell the difference between resolutions is debatable.

As TVs get bigger, so does the differences. 1440p vs 4k on a 32inch monitor will look almost identical, however 1440p vs 4k on a 75inch TV, you will start noticing the difference.