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I am planning to get both during their lifetimes. The last PlayStation I owned was the PS2 so it will be a huge upgrade. I have the Xbox one but I'm giving it to my sister as she plays it more than I do.
As a collector I will inevitably end up picking up both, though neither will be in the early stages of the consoles' life cycles. Likely Xbox first, then PS5, I like to wait for the libraries to build up and the consoles to get their bugs worked out.
I went for the All Access that Microsoft was offering and got myself an Xbox One X which I will then take back and swap for a Series X. I was always a huge Xbox fan for years and even though I have tried and tried to play on Playstation, I always end up back with Xbox.
I'd get the PS5, but I'd also wait on it until the price went down. I personally don't see the point in purchasing it when the hype is astronomical and the price is staggering, so I'll wait at least 2-3 months until the price subsides to consider buying it.