I view it the same as any console generation since the 360. Want to play all good games, need a Playstation, a Nintendo and a PC. The Xbox isn't needed, especially now that Microsoft has said that all their games will be on PC as well. Playstation might start moving towards that too, but never immediately like Microsoft will. For the console life cycles, Playstation have had the best exclusives since the console "wars" began, by a large margin. Do you need a PS5 now, not really. But comparatively to the Xbox, which has no exclusives to the console, the PS5 already has Demon Souls, Returnal and Ratchet and Clank. Is that enough to warrant a purchase, no, but that gap will only increase in favour of the PS5. Bluepoint are most likely working on a Bloodborne remake or sequel and God of War will be Playstation exclusive for a long time, same with Horizon.
If you can only get one thing though, and don't have a PC, an Xbox with gamepass is probably better. For me though, why would I ever get a console that would give me access to a grand total of 0 exclusives?
Dream scenario though would be if Playstation offered a PC marketplace as well, with tied in official emulators to play their entire library and all their current and new exclusives had PC versions that went to that market immediately too. Could stop buying consoles then. Just a monthly PS and MS sub.