Haven't got a Xbox yet, but I plan to eventually. I was able to get a PS5 back in November.
The only PS5 games we've played on it were Spider Man, Astro's Playroom, and Maneater. I only played Astro, I watched the kids and wife play some of the other games. Spider Man was a Xmas present for my son, Astro's Playroom comes with the system, and Maneater was a free game from PS Plus. The improved graphics are nice, but nothing game changing. The Dualsense controller is really neat, but I actually prefer to play my PS4 games with the DS4 controller.
Basically, unless there is a Xbox or PS game that is ONLY on the new gen that you think looks cool, then there isn't much of a reason to buy one yet. I will say that overall it's a more enjoyable experience USING the PS5 (despite the UI changes, and I wouldn't say it's worse, just different) but unless you experience it first hand you're not going to miss out on it. We're still using our PS4, mainly to play multiplayer games together, so things like load times are really noticeable when they're side by side.