1. Games do not come preloaded
2. Yes, through the games store 3 You probably won’t find a free version of a game that cost money but they do get discounts. There are also free games to download.
3. They are own by different companies and some games are exclusive to the console. They have different pros and cons.
4. You NEED to have a tv or monitor to play both systems. These are not handheld devices. It come with a controller and a stationary console.
5. I would recommend Spider-Man for the PS5 and maybe Halo and Doom for the Xbox (I’m not well versed in Xbox games)

That’s one of the major downsides to renting for sure haha. I’m just not sure the benefits of buying outweigh the risks.

I prefer renting and then buying. Would rent books, and if I really liked them then I would buy them for collecting and rereading. It does limit you to books you can rent though. Unless you want to take the risk of buying something and then not liking it.