Call of Duty: Black Ops Cold War looks like it's better on the PlayStation 5 right now -- at least in 120FPS mode, while the Xbox Series X is the superior console for ray tracing in COD: Black Ops Cold War.
Digital Foundry have dug into the game, finding that the 60FPS + ray tracing mode runs at a steady 60FPS on the Xbox Series X -- while the 60FPS + ray tracing mode dips into the 40FPS range. Meanwhile, the 120FPS performance mode sees the PS5 trailing ahead of the XSX.
Both the PlayStation 5 and Xbox Series X are rendering Call of Duty: Black Ops Cold War at a dynamic 4K resolution in Performance mode with the identical assets -- so the performance gap between them could be because the PS5 rocks a variable-frequency CPU, or it could just be some weird optimization.
This could change over the coming weeks and months, though -- but for now, the PS5 is better at 120FPS in Call of Duty: Black Ops Cold War while the XSX is superior in ray tracing 60FPS mode.