Looks like the XSX wins this one with a clear advantage. The hit with ray tracing that the PS5 sees is much bigger than the 2 frame advantage that it has in framerate mode. Even then, for most people performance mode is a none factor because of their TV.
Difference is small though, just like with the games that the PS5 edges out. I really want to see the differences when devkits are mastered. Then it will be truly interesting.