Both Canon R50 V and Ricoh GR III have APS-C sized 24.0 MP resolution sensors so sensor size and resolution is not a differentiator between these two cameras.
One other difference between these two cameras that is worth mentioning is that Ricoh GR III's sensor doesn't have an anti-alias (Low-Pass) filter. Removing anti-alias filter increases the sharpness and level of detail but at the same time, it increases the chance of moiré occurring in certain scenes.
Below you can see the R50 V and GR III sensor size comparison.
Sensor Size and Resolution Comparison image of Canon R50 V and Ricoh GR III Cameras
As seen above, Ricoh GR III has a 1.1x Larger sensor area than Canon R50 V. Larger sensors give photographer more control on the depth of field and blurry background compared to smaller sensor when shot in same focal length and aperture.
Sensor size sets the circle of confusion, so it drives how much depth of field each
of these bodies gives you at a given aperture. You can calculate it exactly for the
Canon R50 V
or the
Ricoh GR III ,
including hyperfocal distance.