While the AirPods Max sound great, the H95s are better, and they should be as they are much more expensive. Its also a better built pair of headphones with more features and better on ear controls. With that being said, the APM does have better transparency, but not by much and the H95s have both on ear adjustability for ANC and Transparency. I find the ANC pretty close but prefer the H95 as I found the APM to cause a lot of pressure where I could hear my heartbeat every time I had ACN on and it bothered me.
From a comfort standpoint the H95s are infinitely more comfortable for me, but I know some here find the APM very comfortable to wear. But let me give you something to think about before considering the H95s. I would never have purchased them if the APM were more comfortable to wear for me. I liked everything else about them but after an hour or so the clamping pressure on my ears was just too much. One other thing that I think Apple missed with the APM that both Sony and the H95's do is the way the cups fold. I like how with my Sony's and H95's you can turn the cups inward so they lay flat on your chest. It makes keeping the cans around your neck so much more natural feeling and its really awkward just putting them around your neck with the APM.
Spatial Audio is cool, but I don't use headphones like this for watching movies and even with it on the H95s sound better to me than the APM for music. I travel and wanted something that sounded great but was also going to be light enough to wear for extended time periods and just walking with the APM was weird because the weight caused them to slide up and down on my head. There is zero latency on the H95's as well and auto switching between two devices is seemless (although it can only be paired with two devices at once so the APM win with that, even though I had major issues with the APM and auto switching from iPhone to Macbook Pro).
I paid $800 for the H95s. To me it was very worth it as they are light years above anything Bose or Sony has put out and I was totally underwhelmed moving from the XM3's to the XM4's. With that being said though, I also liked the APM very much and definitely would have kept them if not for the comfort issues I was having which caused me to look elsewhere.