The Series S is similar in power with the PS4 Pro, which is a very competent gaming console even today. The Series S however has much faster storage so games can load faster yada yada yada.

All of this is sort of meaningless. Does the console support the games you like to play? That's the most important criterion for shopping. I spent a crap ton of hours this week playing Mario + Rabbids on a Nintendo switch which is probably less powerful than the mobile phone in my pocket. For me, I got the Xbox Series X for two reasons: 1TB of storage built-in, as well as a 4k-HDR capable blu-ray drive since I'm one of those dinosaurs who still buys some movies on disc.

The games you want to play, and the other features are the most important factor in choosing which console you buy, and that is only if you have to choose. If gaming is a hobby of yours and you have the financial means, there is no reason you can't have one of each.