I feel like PS5's SSD is the only bespoke piece of console hardware in the last 2 generations. It can only work in the console space, it can't be back ported to PC. It's specific for console needs. Yea it's definitely the most important piece.
For obvious reasons, MS could not go that route. If that hardware doesn't exist on PC, then they have to be really careful about bringing it to console. Their solutions are I/O based application layer solutions, so i'm thinking SFS and DirectStorage API's make up a bulk of XVA's application layer, with likely HBCC or some form of custom HBCC making up the physical layer of it.
Where Sony developed hardware to have pure power in hard disk transfer potential, MS aimed to improve throughput with less transfer performance. The latter being portable to the PC space the former not.
I think despite being down on GPU grunt, it's still possible for PS5 to pull out a win graphically. The SSD could enable them to have higher fidelity textures at further out distances which could result in better overall graphics despite falling back on resolution or frame rate. Having next to no pop in with immaculate detail is in itself graphical prowess we've not seen before.