I would say on "more" assets. Higher quality as in higher res textures? Nah. People have to remember that ultimately the PS5 has to render those assets. They aren't for free. It has a graphical power disadvantage compared to the XsX. So if it has higher res textures, maybe it'll run at a lower resolution and slower FPS. Would you want that compromise? I wouldn't.
Thanks. You are more knowledgeable than me by a mile, and I hope you didn't see my comment as questioning that.
Furthering the point, I honestly think it all depends. I'm gonna do a very quick Apples to Oranges comparison, but that I feel stands.
I worked for a TV studio and we captured data in 4 and 8k (rare instances). Most data was to be downscaled to 1080p for regular HD tv consumption, which is compressed as hell as is. Want to know what's fun? Even with a bloody render farm for 4k RAW processing, in our 60 to 80 inch monitors I could barely tell the difference between compressed 4k and RAW 1080p upscalled. They looked very similar.
Of course there were differences, but nothing that screamed "OMG i's shit"
Now, for gaming, I don't mind a slight hit in resolution if I can have the same amount of stuff on my screen. I can tell between 720p and 1080p easily, I can see the difference in fidelity between 1080p and 1440p, but from there on yeah, it looks very samey. I would honestly prefer newgen consoles to go native 1440p upscaled to 4k with a bigger increase in graphical quality. And yes, I'm expecting Xbox games to have the edge in resolution, but not by much.
My 2 cents, and I may be totally wrong applying the TV logic to gaming.