This Seeking Tech article compares the Fidelity Pro and Performance Pro graphical modes of Spider-Man 2 running on the PlayStation 5 Pro console.
You can check out the video comparison below:
The Fidelity Pro Mode targets 30 fps with a higher resolution and more pedestrian density. In terms of the ray-tracing, ambient occlusion, key light shadows are reflections are set to the maximum.
The Performance Pro mode targets 60 fps at a lower resolution although PlayStation Spectral Super Resolution (PSSR) is used to improve clarity. There should be less pedestrians on the streets.
In terms of ray-tracing in the Performance Pro mode, only ray-tracing reflections are enabled although this setting is set to Medium instead of High like Fidelity Pro Mode.