Note that this footage is from the 6v6 Control game mode. Performance in Control seems to be slightly worse than the 3v3 game modes. Both PS5 and Xbox Series X in the 120fps mode use a dynamic resolution with the highest resolution found being 2560x1440 and the lowest resolution found being approximately 1536x1440. Pixel counts at or near 2560x1440 seem to be common on both consoles.
Performance can vary somewhat and the scenes here aren't exactly like-for-like which should be kept in mind when comparing the performance of the consoles here.
The 120fps mode on both consoles has some graphical downgrades compared to the 60fps mode such as: reduced draw distance, removed motion blur, removed depth of field, shorter LOD transition distance and removed ambient occlusion http://bit.ly/3mT4XJz The game may need to be restarted for these differences to take effect.