https://www.youtube.com/watch?v=hLUrgHWxWCU
TL DR:
Image quality mode: (world details, shadows, ambient occlusion, draw distance, ect)
Both dynamic 4k, PS5 has vastly better texture filtering, and slightly higher avg resolution.
Both near 60fps stable, XSX has has times when its hovering in the mid 50's to high 50s when its 60fps on the PS5.
XSX has alot more screen tearing, but the way the PS5 does it, is sometimes more distracting to the eye.
Performance mode/Frame Rate mode (1080p 120hz)
PS5 has drastically more details (than either xbox versions).
XSX has less Car LOD, enviroment details, less road tessellation, less grass/foliage, theres geometric cutbacks, and again the texture filtering issue.
All 3 run basically flawless 120fps.
However there is a track, that has dips down to mid 90-100's on the PS5 for abit (where it doesnt on the XSX, its closer to 120fps)
(this happends only on this track, near the start of the track)
Resolution mode (sharp but missing certain effects):
sticks near 4k more often than other modes.
All 3 are basically locked 60fps (XSS struggles abit).
Overall..... I'd say this is a toss up, probably slightly favors PS5.
(esp if your playing this on the most normal mode, favoring imagine quality)
This is image quality mode on both:
This is what 120hz mode looks like on both:
Like theres tons of cutbacks on the XSX mode that runs 120hz, and its only a single track where its beating out the PS5 for a short while.