I have not been able to find examples of the same image taken with both of them.
My experience from regular cameras is, that the upgrade of sensor and lens probably gives a little bit better image, but not something huge.
I found this: http://www.threesixtycameras.com/insta360-one-vs-ricoh-theta-v/ which comapres the Theta V to another simmilar priced camera. The Theta V pictures looks a lot like one from Theta S, but the extra resolution is clearly visible on the Insta360.
Resolution is still the greatest challenge for most 360 cameras so in this time where everybody goes 20+ mega picels on stills, I find it very odd to stick witth this. Perhaps their images could not get any better with the optics they have? They have spend a lot of time on the video and the poserbility to make apps.
But if they did a full res image every 1 second, it would be something else. I have not seen any numbers on the intervalometer.