It seems the Xbox Series X is currently the better console to play Cyberpunk 2077, as it comes with the ability to switch between Performance and Resolution modes, allowing you to improve graphical fidelity and resolution.
Cyberpunk 2077 officially launches today, and many are debating which console can run it the best. There have been early reports suggesting the PlayStation 4 version has a decent bit of trouble, with fans on Twitter criticizing the game for running terribly.
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The PlayStation 4 and Xbox One have seen the framerate drop to 20 with constant visual errors and mechanical glitches. If you're currently in possession of a next-gen console, you won't be facing problems this severe, as PS5 and Xbox Series X can run Cyberpunk at up to 60fps with fewer technical issues
However, both consoles do not run the game equally. If you want to play Cyberpunk 2077 at 30 frames per second with better graphics and higher resolution, VGC reports that you can do so on Xbox Series X. On PS5, this is not possible, as the in-game display settings only allow you to enable HDR. Most players won't want to experience the game at 30fps, but it's nice that the option is there for those who do.
This discrepancy is likely the result of how both consoles handle backwards compatibility. The official Xbox Series X and PS5 versions of Cyberpunk 2077 have not launched yet, meaning the one that's currently available to play on those consoles is the previous-gen version running on new hardware.
As such, the game has not been optimized on next-gen consoles yet, and until it is, we won't know for sure which console will run the game better. However, it definitely seems like Xbox Series X will be the best console to experience the game until Cyberpunk 2077 officially launches on next-gen hardware.