Nikon 50mm 1.8S is the reference here.
I'm not sure any Nikon gear is a reference here. Nikon is so desperate to sell they've been setting lower-than-average prices on some of their gear for years. Even Sigma's 50mm f/2 Contemporary ($719) is more expensive than Nikon's Z 50mm f/1.8S ($669). Nikon has just been doing that.
But if we ignore their strategy, the Z 50mm f/1.4 would be a more interesting comparison, as that is the offering they have that sacrifices something for aperture, for $599. The RF 45mm walks the same path, but it's significantly cheaper ($469) and goes further, to the extreme of f/1.2.
Anyway, if you're using a R5, in case you haven't noticed, there isn't a single R5 on Canon's showcasing of this lens, and that happens because the R5 user is not its target.
This will probably be acceptable on 20/24MP cameras. You paid the extra for the resolution, you better pair that with the best glass there is.
If you’re looking for a character lens, you’ll love this but, if you’re looking for optical performance on a R5, there’s a red ring for you. At 20MP I can get by with pretty much any lens but, at 45MP, you definitely can’t.
EDIT: I just realised that even Sigma’s 45mm f/2.8 costs almost as much ($619) as Nikon’s Z 50mm f/1.8 S ($669).