Very lopsided view.
If the games you are buying are assassins creed, watchdogs, COD, Hitman, Cyberpunk...etc. What value does Gamepass offer you there? You will be spending the exact same amount of money on those games as would someone that owns a PS5.
No doubt, gamepass as a service is of great value, but people need to stop talking as if it covers all your gaming needs. It doesn't.
Now if the only games you are interested in are MS published/partnered titles that are also on gamepass, then by all means you are right(as subjective as that may be). But thats a flawed way of looking at this, you need to look at it from the perspective of having access to all the games that are available on either platform if you are going to compare the two.
And notice I am not even mentioning exclusives?
Anyways, from a dollar to performance ratio, the PS5 (digital) as a console is the best. Simply looking at what you are getting for your money. On the flip side, the XSX vs the PS5 disc version, has the tables turning and the XSX is a better value there.