Both Nikon Z6 II and Panasonic S5 have Full frame 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 Panasonic S5'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 Z6 Mark II and S5 sensor size comparison.
Sensor Size and Resolution Comparison image of Nikon Z6 II and Panasonic S5 Cameras
Nikon Z6 II and Panasonic S5 have almost the same sensor size, so neither of them has any significant advantage over the other in terms of providing control over depth of field when used with the same focal length and aperture.
DxOMark Sensor Scores
At Camera Decision, we also look at Dxo Mark sensors when available as we think it is a good indicator of image quality.
Model
Overall
Color Depth
Dynamic Range
Low-light ISO
Nikon Z6 II
94
25.0 bits
14.4 Evs
3303 ISO
Panasonic S5
94
25.1 bits
14.5 Evs
2697 ISO
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
Nikon Z6 II
or the
Panasonic S5 ,
including hyperfocal distance.