Only for the first 10GB (560GB/s versus 448GB/s), after that PS5 has more (336GB/s versus 448GB/s). How developers manage that two-tier memory speed on XBX remains to be seen.
It'll probably be mostly system managed or the API will contain flags for data to tell it what memory slice to use.. Six of the GDDR6 memory modules are 2GB in size, the remaining four are 1 GB in size, I.e. (6x2)+(4x1) = 16. The modules are all have address buses 32 bits width, which is how you get the 320 bit total bus width, and thus the peak 560 GB/s bandwidth (all modules running at 14 Gbps). The modules are addressed in this manner:
Memory slice #1
1GB out of 2 GB from the six 2GB modules + the whole 1GB of four 1GB modules = 10 GB across 10 modules = 320 bit bus = 560 GB/s bandwidth
Memory slice #2
The other 1GB out of the six 2GB modules = 6GB across 6 modules = 192 bit bus = 336 GB/s bandwidth
The XBSX's operating system is something like 2 to 3 GB, and so it will sit in the 2nd slice, along with any other data in games that doesn't need the greater bandwidth. Then all graphics related data (vertices, indices, constants, textures, etc) will reside in the 1st slice - either automatically or via flags.
The PS5, on the other hand, is essentially using the same configuration as the likes of the RX 5700 XT - eight 2GB modules running at 14 Gbps. Shame Sony haven't said anything more about how the system will manage access. There probably won't be a significant difference between the two memory configurations in action, though, as the systems are more frequently going to be hit thermal/power constraints, rather than bandwidth issues.