Both Panasonic S5 and Nikon Z6 II have Full frame sized 24.0 MP resolution sensors so sensor size and resolution is not a differentiator between these two cameras.
Another difference between these two cameras is that Panasonic S5'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 and Z6 Mark II sensor size comparison.
Sensor Size and Resolution Comparison image of Panasonic S5 and Nikon Z6 II Cameras
Panasonic S5 and Nikon Z6 II 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
Panasonic S5
94
25.1 bits
14.5 Evs
2697 ISO
Nikon Z6 II
94
25.0 bits
14.4 Evs
3303 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
Panasonic S5
or the
Nikon Z6 II ,
including hyperfocal distance.