Maybe, but I think we are seeing 2 different problems on Xbox. One is traversal stutters (those >90ms frame-time spikes) and the other is those big (and rare) pauses (>300ms). The first is likely caused by I/O (here the much faster PS5 I/O could be a good reason for them not occuring as often on Sony hardware) and the second is typically caused by lack of memory / memory leak (and also those are solved by a reboot of the system so...).Fallout 4 had a similar problem on PS4/XB1 at launch I believe. At some point, you're just taxing the memory system too much and it buckles. It's not just that those sections are so CPU/GPU demanding that the framerate tanks so hard.
It's also probably somewhat telling that the problem seems to mainly exist on Xbox consoles. Seems like they probably optimized more around PS5's I/O capabilities, or at the least, the PS5's I/O is simply above the bar to where this issue is experienced. I imagine it's something that will get fixed eventually.
I remember a developer (Immortals of Aveum) saying they actually had memory problems on UE5 even on XSX so that could likely be the same reason here. This problem could and probably will be patched as soon as they can.