Panasonic G95 has a
20.3MP Four Thirds (17.3 x 13 mm ) sized CMOS sensor and features Venus Engine processor. On the other hand, Olympus E-M5 III has a
20.0MP Four Thirds (17.4 x 13 mm ) sized MOS sensor and features TruePic VIII processor.
Another difference between these two cameras is that Panasonic G95's sensor lacks 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 G95 and E-M5 Mark III sensor size comparison.
Panasonic G95 and Olympus E-M5 III 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.