I hope you found the tests useful and I guess the key question is:
Is the GH5S still worth it in 2022?
I have prepared a comparison table with the GH5 and GH5M2 using data available and for noise my subjective measurements supported by the video evidence.
As you can see from the table the GH5S still has some unique features:
- RAW support (ProRes RAW and BRAW)
- VLOG performance
- High ISO performance straight out of camera
- Slightly lighter and better battery life
So if any of the above are essential to you there is still a case for the GH5S.
However the GH5M2 with Neat Video will cost you $1,699+$129=$1,828, for sure you will have to work without Vlog and RAW but you will have many other benefits and you will not need a recorder to shoot 50/60 fps bringing the overall cost down significantly.