I got this lens with my Z5, mine is an excellent copy with very little variance throughout. I also had a damn near-perfect copy of the 24-70 f4, as well as an average copy 24-70 f4 that's slightly decentered, to compare it with.
At 24mm - The perfect 24-70 might be ever-so-slightly sharper closed down to f/8 but it's too close to call on 24mp. Vs the average 24-70 copy, the 24-50mm is clearly sharper at 24mm all around.
At 35mm - Both copies of the 24-70 seem to have a slight to very-slight sharpness advantage at every aperture, though the average 24-70 is softer in some places/apertures due to variance.
At 50mm - Same as the 35mm position.
So, I'm pretty impressed with the quality of this non-S lens. I think for many people it will be more than sharp enough, including me. My only complaint is that I think 6.3 was too dark for the Z5's reduced low-light AF performance compared to the other Z cameras - at 50mm I've seen AF-C miss or get confused even in good light when the subject is shadowed/heavy backlighting. I can only hope that Nikon will keep with updating the AF in these Z cameras, the Z5 included.
Now if you're on a high-res sensor and you're used to the look of the 24-70 f4, you may lose some sharpness when switching. Granted I was never able to test on the 45mp sensor, but it would make sense that the S zoom would outperform there. But as I said above, this lens is a very good performer for a low-cost option, and I think it would be more than sharp enough for most people.