Having both they both have their pros and cons as explained by others. I like to add only the following:

The PS5 controller has adaptive resistance triggers which are a game changer especially in driving games like GT7, but I always found the Xbox controller fits my hand better and I prefer the analog sticks arrangement better.

Xbos has a bigger library of games on its pass, plus you get some promo stuff every month, for example it recently had a 3 month trial for Apple TV and Music, as well as bundles for games, like coins, resources etc. Of the two, xbox has the better subscription and you'll need one regardless of the console if you want to play online.

Also PS5 supports (PS)VR, Xbox doesn't support any VR.