Panasonic S5 II has a 24.0MP Full frame (35.6 x 23.8 mm ) sized CMOS sensor and features Venus Engine processor. On the other hand, Nikon Z9 has a 46.0MP Full frame (35.9 x 23.9 mm ) sized Stacked CMOS sensor and features Expeed 7 processor.
Nikon Z9's sensor provides 22MP more than Panasonic S5 II's sensor, which gives a significant advantage in real life. You can print your images larger or crop more freely.
On the other hand, please keep in mind that Max sensor resolution is not the only determinant of resolving power. Factors such as the optical elements, low pass filter, pixel size and sensor technology also affects the final resolution of the captured image.
Another difference between these two cameras is that Panasonic S5 II'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 S5 Mark II and Z9 sensor size comparison.
Panasonic S5 II and Nikon Z9 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.