It really depends on what games you prefer. You already mentioned you play God of War, so a PS5 would probably still be the best for you. GTA and Call of Duty can be played on either console, so it doesn't really matter. For the racing game, again, depends on what game you prefer. Xbox of course has Forza Horizon and the upcoming Forza Motorsport. And there are so many racing games from third parties like Codemasters and EA. In the end it all comes down to which console has the games you want.

I am very happy with Xbox, since we have Gamepass on it. New third party games are added all the time, and first party games land on Gamepass day one. And stays on Gamepass. That's my reason for choosing Xbox this gen. If I can just get my hands on a PS5, I would buy it too. But I'm plenty happy with Xbox already.