in where I'm living ah the moment, the prices of SE and XS are almost identical. Therefore it is a tough pick for me to decided between the two because at the end of the day XS is a compact device as well and I do not believe it will have any performance issues whatsoever in a foreseeable future.
I have had the XS for 18 months and though the SE and XS seem similar in size, a slight increase in size combined with being significantly heavier add up to a big difference. XS is so much more bulky. Be aware of this.
I have not stopped noticing the bulk of the XS and it's still annoying on phone calls of more than a few minutes and extended reading/browsing/app sessions. I often need to prop it up on something.
For me it's a close contest between the new SE and the iPhone 12 non-Pro 5.4", but one of the major things in favour of the 5.4" is night mode, which to me is a big jump in camera capability.
I hope the 5.4" is not too much above the 148g of the new SE, because the XS is 177g - too heavy and I'm happy to return it in October as part of my lease (long story), in spite of the exquisite screen and absolutely no performance issues.