The PS5 probably dips too, just maybe less (given the res) and in different places. These consoles are very similar overall, but the different balance of speed and compute will show a little differently in different stress points.
PS5 still looks very nice at 1800p*, and XSX and XSS occasional dips won't be so bad, especially with adaptive sync.
(4K downscaled onto my 1080p poor man's monitor lol)
Just saw a clip with that happening; it's where the player is walking up some stairs, very briefly it dips below 60. But it's so brief and such a small drop you would not be able to notice unless someone pointed it out (pretty similar to the dips on Series X and S).
Performance-wise the versions are virtually identical.