This article compares the Prioritize Performance, Balanced and Prioritize Graphics modes of Monster Hunter Stories 3: Twisted Reflection running on a PlayStation 5 Pro.
You can find both videos of this comparison below:
In terms of visual fidelity, the Prioritize Graphics mode is the sharpest of the three. With that said, you have to look hard to find any discernible advantages the Prioritize Graphics have over Balanced.
Both Balanced and Prioritize Graphics do clearly look sharper and more detailed than Prioritize Performance.
To measure frame rate, a LG B4 television is used with a range of 48 fps to 120 fps. If the frame rate hits 120 fps on the counter and the video looks a little choppy, then it often means that the game has fallen to below 48 fps.
The Prioritize Performance mode has a big advantage over the other two when it comes to the frame rate.
The Balanced Mode does a pretty good job at staying above 60 fps. If it does fall below 60 fps, the frame rate still stays within the Variable Refresh Rate range for a vast majority of the time.
The Prioritize Graphics mode can also go above 60 fps but not as frequently as the other two. It also dips below 60 fps, and even the VRR range of 48 fps, during more intensive scenes like the flying section.
Based on the demo, you should go with Prioritize Performance if you have a 120 Hz screen and want the smoothest experience possible. For visual fidelity, Balanced looked nearly identical to Prioritize Graphics while also providing a more stable 60 fps experience.