Most of the commenters are wrong. I agree with NotebookCheck, their assessment is correct.
Sony has already has purchased and locked in the specs. They're on damage control. The secondary improvements from frequency are real, but they have a limit of diminishing returns. Especially when factoring that overclocking, something you don't want in a small form-factor, or for consistency, or long-term, or redistricted power supply.
In general, you want a good balance between the frequency/single-core performance, and of wide/more-cores. This applies for both CPU and GPU. However, for CPUs this balance is closer favouring frequency/single-core performance. Whereas for GPU you want wider/more-cores.
Microsoft's unit is better in the Software/SDK, in Backwards Compatibly, in Cooling, in the SSD, in the CPU, and in the GPU. All up it will use slightly less power, run cooler, run quieter, and give an extra +30% performance... AT THE SAME PRICE.
Yet, the PS5 is going to win next-gen because they will end up having the better exclusive games.