It depends from the Developers/Publishers.
There can be two indipendent team developing two "different versions" of the same Game, I would say one team for XSX, the other one for XBox One.
Now give me a break if I'm wrong, but Series X and Series S share the same CPU and Velocity Architecture, so when it comes to AI, physics, system collision, gameplay mechanics, etc they should have the same features, or very close to. On the other hand,, from a graphics point of you, you need to scale down Resolution and/or frame rate,geometry, details, draw distance, effects, etc. Now there can be some gameplay elements at a certain point which could teorethically be concerned by a much less powerful GPU ? I don't think so, but even if you find some, developers can just alter that sequence of gameplay, modify it, or remove it. I can't see Lockhart holding back XSX.
Now let's talk about Halo Infinite: is XBox One holding back XSX ? What if the XSX is the Lead Platform(and it is), one team is taking care about the XSX version, and another team the XBox One version ? Not only graphics can be scaled down, but also audio, physics, animations, system collision, and AI, yes AI. As an example, the XSX version could have much much stronger, heavy, complex and sophisticated AI, which couldn't be possible on XBox One or XBox One X. So many other non-graphical aspects of the Game can be scaled down, modified or even removed.
We are talking about a big studio and a monster budget from Microsoft. So, it's up to the Publishers/developers if XSX is held back or not from the less powerful machines.
”Every great dream begins with a dreamer. Always remember, you have within you the strength, the patience, and the passion to reach for the stars to change the world.”
Harriet Tubman.
