Which BenQ monitor is better?

I can't make up my mind, I don't know which of the two is better…

(For the XBOX Series X or PlayStation 5)

You can only see that the one has FullHD and 1ms, the other 4K, 1ms and FreeSync. There's no more information from you.

Take the one that has an IPS panel.

What does IPS bring?

The Panel Art - or colloquially "What you will see later". If you have no idea at all about the story, I would first googling a little bit about what makes a "gaming" monitor and what its properties are. Maybe you will then know better what your requirements are and what you actually want.

I want a 27 inch Freesync monitor with 75-120hz and 1ms response time

Yes but what type of panel? Reaction time is important, repetition frequency less. The decisive factor is what kind of image you want later - whether IPS, TN, MVA or PVA. Some are cheaper, but offer a poorer picture, some are faster, some are more contrasting, etc.

I have now decided on the BenQ EX2780Q