The WH-1000XM5 features a plastic body and the headphones are not as premium as the AirPods Max, which is likely what accounts for some of the price difference.
The headphones do not fold down like the prior version and are slightly less portable, but Sony does offer them with a much better case option than the AirPods Max "bra" case.
It's improved enough that it's difficult to say whether the AirPods Max or WH-1000XM5 headphones offer better sound, so in this category, it's a tie.
The WH-1000XM5 headphones offer up to 30 hours of battery life, which is 10 more hours than the AirPods Max, and that's worth considering.All in all, unless you like the design of the AirPods Max and the unique feature set that the headphones offer for Apple device users, the WH-1000XM5 headphones from Sony are worth considering as a more affordable alternative?