If there's no must play exclusives on it for you I'd just pass for now. You didn't mention Horizon Forbidden West which is the next big release, and only mentioned God of War Ragnarok which will likely be late 2022 at the earliest. That said, as many noted, I wouldn't count on any price drops until probably 2023-24 as supply is likely to remain limited and sales strong with these new consoles. So if there's any thing you want to play it may be worth just getting the purchase over with while you have an opportunity to save hassle when God of War or something else you're stoked for is out.
Myself, I nabbed an XSX and a PS5 near launch last fall. While I'm glad to have both, I wouldn't feel like I'd missed anything if I had just gotten the XSX as it's gotten way more play time and the Sony console exclusives have mostly not been up my alley so far with all the delays of things I was looking forward too like Horizon. Like you, I'm spoiled by Gamepass as someone who doesn't collect, rarely replays and thus doesn't care about owning games. If I didn't like so many of Sony and Nintendo's exclusives I'd be fine just stick with Gamepass only to be honest.