Series consoles are an outlier in the age of dynamic clocks to better utilize thermals and power usage for specific workloads. The ability for the series x to utilize its theoretical performance is going to be far tougher, especially for titles not built from the ground up with that particular SKU. PS5s dynamic clock setup makes it far more flexible for a broader range of game workloads so the discrepancies in head to heads will likely favor the PS5 more often.
That's a bit of an oversimplification IMO.
The PS5's solution allows it to get higher performance than it would over the same silicon at a fixed performance level. How it performs compared to another piece of silicon at a fixed performance level (in hardware terms) depends on that piece of hardware and the software running on them both.
The other way of looking at the PS5 is that as utilisation of the CUs and the CPU increase, typically available GPU performance will reduce compared to a fixed performance unit. That's not a flaw, it's simply what's to be expected.
Sony's solution is extremely effective, but the first year or two of games, which are less likely to run into power limits (or do so to a smaller extent), will show the best performance relative to fixed clocks.
I've said this before, but Sony's solution is brilliant because early software (particularly the first couple of years) will probably benefit most relative to Xbox, and it's pretty much the first couple of years that matter most.
Four years from now, probably no-one will actually care if Ray Tracing heavy games run at a 10% higher dynamic res (or whatever) on one platform rather than another.