I suppose they are keeping an eye on each other. But I see them as two DAW's that are going in somewhat different directions. It is important to keep right up to date with latest versions. V3.5 being a prime example. Comparing the latest version of one DAW to an old version of another is an unbalanced view. Studio One has some excellent features. Once you use it a lot you quickly learn it is also a deep and powerful program. One is not miles ahead than the other at all.
The new low latency monitoring is excellent plus dropout protection and revisited CPU core distribution is also powerful. Separating the input and output buffers is an excellent feature. We are just getting used to all these extra audio settings now. On the Mac you can run two different interfaces now for input and output from your DAW.
(At different buffer sizes too) The mastering page has been upgraded plus the new channel strip is excellent too. 61 new features and 40 things fixed in this latest update. Mixer undo now too. We can select 16 sample buffer sizes now and if you have a powerful interface that is thunderbolt driven you can use it with ease. My Focusrite rips in this mode.
It is a great DAW and you can complete very polished and produced productions like you can in many other DAW's. It just comes down to which is the best DAW for you.