I'm posting it but bored to hell to make a summary.
At 1440p, you also three settings options: 1440p high FPS mode, 1440p high quality mode and 1440p high quality with RTAO. The performance-focused high FPS mode does sacrifice geometry and distant grass detail to better salvage 60fps, and I think provides the best balance between performance and image quality overall. Drops to 50fps are still possible, but this 1440p high FPS can work beautifully with a VRR display. The other modes operate at too low a frame-rate to recommend, meanwhile, dropping below the 48fps threshold required for the PS5's VRR support - and here a 30fps cap could have been useful to guarantee at least a consistent experience.
Finally, you can opt for a native 4K, 3840x2160, but this comes at the cost to other visual settings with drops to shadow quality, world draw and foliage density. Despite this, frame-rates are all over the shop, even dropping below 30fps in an early cutscene. Again, a 30fps cap would be a big benefit for the majority of scenes that can manage 30fps in this mode.
Performance between PS5 and Series X is interesting too - in 1440p high quality with RTAO, there is a consistent 3-6fps advantage for PS5, with a higher differential in dense grassy areas and a lower differential during (more CPU-dependent) rapid driving scenarios. In the 4K mode, the Series X performs better than PS5, but the circa 1fps difference is academic. Either way the recommended way to play on Series X and PS5 is the 1440p high FPS mode, for the best balance of performance and visuals.
Lastly, a word on Series S. There are no modes or visual settings to choose here, but fundamentally the junior Xbox console appears to run closest to Series X's 1080p max FPS mode: native 1080p without RTAO, but with worse shadow quality evident. Unfortunately, Series S still runs typically between 40-50fps in most areas, and even below that in big missions. I've seen interior areas strike a full 60fps, but it's a rare sight. This is another disappointing turnout for the console, and even using a 1080p display Series S falls short on visual features and overall frame-rate.
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