The PS5 is less powerful. Sony focused on a new I/O paradigm, and did their best to narrow the gap afterwards, but the difference will always be there. MS focused on the GPU first and foremost, and then tried to take over the "instant loads" narrative afterwards, that is their strategy. The difference is just not as large as some zealots would like to believe.
Best case scenario for Xbox, Microsoft pretend Lockhart never existed and just focus on the power message of Series X. Because if they actually launch the thing the Power marketing will collapse.