If you look at the on-paper specs, it does stand to reason that the Series X would have an advantage in terms of ray tracing. In terms of triangle gigarays per second, the theoretical peak performance of Series X is 94.9 per second, compared to up to 80.3 per second on PS5 (depending on PS5's GPU boost clock), voxel or boxes gigarays per second is 379.6 on XSX and up to 321.5 on PS5. So yeah, XSX having the advantage in raytracing workloads checks out.
Probably.... in the 120fps mode, without ray traceing, the PS5 version is running higher fps in that helicopter scene they show, which they claim is one of the most demanding in the game.
(13:30mins into it or there abouts)