The Panasonic S5 IIX is essentially the already very capable S5 II body but with several additional video features. ProRes recording, All-I compression, USB to SSD recording, enhanced live streaming functionality, and external RAW video capture are all useful video functions that would have added to the S5 II’s price, so Panasonic has wisely given photographers the option to save some money, and videographers these useful features at a $200 premium (albeit months after the S5 II release).
The Sony ZV-E1 takes a completely different approach. Forgoing an EVF, dual card slots, and full size HDMI of the a7S III, Sony made an incredibly light and compact full frame camera. The very fast 12-megapixel (actually 48-megapixel quad-bayer, but don’t worry about that) sensor allows full width 4K/60P recording and minimal rolling shutter. It was previously only offered in the much more expensive Alpha 7S III, FX3, and FX6, and makes perfect sense for vlogging and travel video.
Despite being full frame cameras directly targeting creators, the ZV-E1 and S5 IIX will end up being best suited for different users. Anyone with a background in video production will find the Panasonic to be immediately intuitive, and the features added specifically to the S5 IIX will meet any delivery requirements their clients might have.