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The key thing is to check which specific games are actually bothering you right now! The Series S handles most games just fine, but if you're regularly running into situations where your favorite game is running at 1440p instead of 4K, or the framerate dips below what feels comfortable - that's when an upgrade makes sense. But if you're happy with everything and you're not hung up on maxed-out graphics settings, the Series S will hold up for another few years without any problems!
Here's an important thing to consider: upgrading is expensive! The Series X is cheaper than it was at launch, but it's still serious money. If you're thinking about switching consoles, make sure it doesn't mean you'll have to skip buying decent games for half a year. Sometimes it's better to skip the upgrade and spend that money on a couple of good games for your current console instead!
If you're not chasing maximum resolution and fps on new games, the Series S can still handle it just fine :) But if you want to play top-tier titles in 4K at high framerates, then yeah, it makes sense to upgrade.
How much battery life do you get on your controller and how often do you actually play new releases anyway?
In my opinion, it's only worth switching if you're already running into performance issues in specific games. The Series S handles most titles just fine, you just sometimes have to choose between graphics quality and frame rate. But if you're not dependent on having everything maxed out, it's not a big deal.
Financially it's a pretty expensive upgrade - the price difference is substantial, and you'll only use the extra power on a couple of the newest games. It might make sense to wait until the next generation of consoles comes out, maybe. Or if you're planning serious gaming for the next few years and you're willing to pay for it, then sure. But there's no point switching just for the sake of it.
Don't swap out your console just because of FOMO - that's a wallet trap. The real gotcha everyone forgets about: even when you upgrade from S to X, your game library won't magically look better unless the devs actually released an optimized version specifically for X. A lot of older games just run a bit faster, but they haven't been reworked for the new power. Only make the switch when you actually see that the new games you want are running on Series S with compromises that bug you - that's a legit reason to do it.
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