Waterproofness
Initially both Xpac and cuben based fabrics are going to be extremely waterproof. Both materials use a layer of plastic (rather than a fail prone coating) so no water is getting inside except through seams or damage to the plastic. In the long term, the Xpac variants that have a protective layer of nylon on both sides of the plastic are likely to retain their waterproofness better than unprotected Xpac or hybrid cuben (with exposed plastic on the inside) but ample field usage indicates that all of these fabrics are extremely waterproof in the long term, and the most relevant concern is how the seams are deal with. Fewer seams is good and taped seams are better than seam sealed seams.
Durability
Hybrid cuben uses a woven polyester face fabric in varying weights (50D or 150D usually) and it has reinforcing fibers glued in between the polyester and plastic layers. These fibers are what makes hybrid cuben expensive, but they aren't that helpful in an application like a pack because the main durability concerns with a back are abrasion and stitch hole elongation, neither of which these fibers help with. So the fibers slow tears from continuing, but overall their contribution to durability is minor since their outright tear strength isn't needed and their non-woven nature is less effective at slowing hole propagation.
Xpac is offered with a huge range of outer woven face fabrics (70D to 1000D as I recall) and it can be purchased with or without an inner nylon layer, and with or without X reinforcements (which are of little value). Despite lacking the grid of Dyneema strands commonly seen in the familiar 210D DyneemaX fabrics (which are mostly nylon), the durability of Xpac is pretty similar to DyneemaX of similar denier. 70D requires babying, 210D is a good all around weight, 400D is good for abusive situations, higher still for canyoneering.
The polyester fabric used in hybrid cuben has a really slippery feel to it, and it's probably more durable for the denier than Xpacs nylon. I would estimate 150D cuben is similar to something like 210D nylon used by Xpac (ie. VX21). An Xpac fabric like VX40 (400D) is going to be more durable and at least as waterproof, but also heavier.
Conclusion
Both fabrics are truly waterproof for super soggy conditions provided the seams are dealt with. The non-woven dyneema fibers used in hybrid cuben add a lot to the cost but not substantially to the durability in a pack application. A moderately higher denier of Xpac is going to offer similar durability and overall functionality at a lower price. Hybrid cuben is a good fabric, but Xpac offers a lot more versions to suit a wider range of applications.
50D hybrid cuben is good on well established trails if cared for. It will get eaten up by bushwacking and granite.
150D hybrid cuben only needs intentional care in potentially abusive situations (i.e. climbing, airplanes).