Yes, they are.
I'm a Playstation fan but decided I'd buy whichever of the two next-gen consoles I could buy first, since it was such a hassle. Turned out to be the XSX in April. My first Xbox since I switched from 360 to PS3 in 2008. Since then MS has delivered fantastic game after fantastic game - I've been really surprised.
But what has really shocked me is how I haven't felt at all that I'm missing out by not having a PS5. Okay, Returnal, that was the only moment. Other than that it's been games I've already played or am not interested in or can play on my PS4 Pro.
And the value of Game Pass means that I'm gonna struggle to go back to paying 70-80 euro on PS. However, PSVR was incredible and when Sony announced PSVR2 they locked me in as a PS5 owner. So I will be back. But right now, Xbox is killing it.