Should YOU buy it? Five scenarios.
Frequent flyer / business traveler
Great fitThis is the use case Sony designed the XM5 for. ANC handles cabin drone, multipoint connects to both work laptop and phone for between-flight calls, the 30h battery survives long-haul without charging, and the smoother sound profile makes 8-hour wear comfortable. The non-folding design is the one tax — if you carry a tight one-bag travel setup, factor that in. Otherwise, this is the headphone I see most in airline business cabins, and it earns the placement.
Remote worker / Zoom-heavy job
Good fitComfort and ANC are dialed in for long Zoom days, and the multipoint switching makes laptop/phone hand-offs seamless. Microphone is fine for clear environments but underperforms the Bose QC Ultra if your workspace has background noise (kids, dogs, coffee shop). If 80%+ of calls are at a quiet desk, XM5 is great. If you take heavy calls from variable environments, look at the QC Ultra instead — it's the smaller compromise.
Audiophile dabbler upgrading from $150 cans
Great fitThe XM5 is the most-detailed ANC headphone you can buy without crossing into the $700+ audiophile-with-DAC territory. LDAC over Tidal or Qobuz from an Android source gives genuinely impressive separation and tonal balance. Won't replace open-back HD 800s for critical listening at home, but for the 80% of listening you do on-the-go, it's a step-change up from anything in the $100-200 range. Not a gateway drug to expensive listening — a destination for most non-audiophiles.
Workout / gym user
Skip itOver-ear ANC headphones are a poor fit for sweat-heavy use — no IP rating, the synthetic leather pads will deteriorate fast, and they slide during cardio. Get an IP-rated in-ear like the Powerbeats Pro, Jabra Elite 7 Active, or even Sony's own LinkBuds S. The XM5 should live near your couch, desk, and travel bag, not at the gym.
Gamer wanting multi-purpose headphones
It worksLatency over Bluetooth is fine for casual single-player games but noticeable in competitive multiplayer (think 100-200ms vs. wired's ~10ms). No 2.4GHz wireless dongle option like dedicated gaming headsets. Voice quality on Discord/Teams is good but not great. If you want one headphone for music + travel + occasional gaming, XM5 works. If you take competitive gaming seriously, get a SteelSeries Arctis or Astro A50 alongside.