I think it is just for the haptics alone. I can only compare it to the XB1 controller that I also have but the difference in haptics is worth paying for if that's important to you. I also think the build quality on the PS5 controllers are better. After the latest firmware update,you can now pair it to multiple devices and easily switch between them. The weak point is the battery.

Here in Toronto, there are a bunch of places that advertise fixing PS5 controllers and using hall effects replacements for around $25. I had my controller replaced under warranty for stick drift after 10 months. Now that it's out of warranty, I'll be using one of these services when (not if) it happens again.