I think GP is a good service, but PS Plus Extra delivers a lot too. You can generally play for 'free' nearly everywhere. Besides that, the biggest sellers, like Elden Ring, CoD, FIFA and RE4 just now, they need to be bought anyway.
I sort of abandoned Xbox for one simple reason; lack of exclusive games. I haven't used my Xbox in nearly a year. As a result my GPU expired and I didn't renew too. Since last year Sony released Horizon, GT7, Ragnarok, Forspoken and many more. This trend will continue this year with FFXVI in June and Xbox.. none? And ofcourse the PSVR2, which is another option for those who crave VR on console.
I simply think PS5 is the better system to buy right now. Yes MS has bought Activision and Zenimax but it will take a long time before we see the fruits of this. Meanwhile Sony delivers first party exclusives right now, and some timed exclusives as well while they also buy studios.