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I think you have to format it to your PS4 the same way you did your Xbox. Unless it gives you the option to partition on PS4 (doubtful) then yes, it would delete all your Xbox games on that drive. Maybe get a cheap drive to move your backup/lesser-played Xbox games to while you reformat this drive for your PS4. I would recommend using this drive for whichever system you need the most extra space on and don't take the risk of using it on both. I can't say for certain this is what will happen but it's an educated guess.
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