Here's a video with comparisons of Series S, Series X normal, Series X performance and PS5:
IMO, there's very little difference between the SX versions and PS5 even when viewed on my 4K TV. As a Series X owner, I'm definitely going with performance mode, as the frame rate is far more noticeable than the subtle visual improvements in the normal mode.
Switch: SW-3707-5131-3911
XBox: Kenjabish