That's a flawed argument when pixel fill rates are memory bandwidth bound. You failed GDC 2014 lecture.
Games like Doom Eternal have heavy Async Compute path usage.
BVH Raytracing
XSX: 13.1 TFLOPS equivalent
PS5: 11 TFLOPS equivalent
XSX has about
19% advantage over PS5. BVH Raytracing + raytracing denoise workloads are treated like Compute Shader path but with hardware RT acceleration.
NGGP (Next-Generation Geometry Pipeline) Mesh shader and Amplification shader path is the solution against fix hardware geometry bottleneck issues and it's similar to Compute shader path.
RX 5700 XT doesn't support DX12U's NGGP.
PS5 has its own Primitive Shaders as its NGGP.
RX 5700 XT has Primitive Shaders as its NGGP, but Wintel PC world doesn't support it. Microsoft selected NVIDIA's RTX NGGP over AMD's 1st NGGP offer.
AMD Vega/NAVI GPUs have main two render paths i.e. compute engine path and pixel engine path.
Given similar similar Pixel Engine for both XSX and PS5, higher clock speed is an advantage for PS5. XSX has the Compute Engine advantage over PS5. XSX's VRS feature is for the Pixel Engine path.
PS; When compared to PC NAVI 2's Infinity Cache (L3 cache), Vega HBC is located in the wrong location.