I would want to add some elements for thought in this topic. I am not used with Capture One, I have tested it some times ago but I don't use it for work. But It is a catalog based software, and I think that if Capture One creates an XMP files for metadata, this file will likely be readable only by Capture One.
And that's the point.
Before using PM, I have used Adobe Lightroom for 8 years . All my Leica DNGs had metadatas, writen inside Lightroom. But actually, the metadatas are not writen inside the files, unless you export them. So, when I switched from Lightroom to PM, all the captions, titles, copyrights were lost. At least, almost lost, since I had the choice to export all my files (about 80000, it is a long export...) or force lightroom to update the DNG (wich is nearly as long). And not only the metadata were lost but also, obviously, the settings (though in Lightroom, you are use to that, since sometimes they change the process, and I have noticed that all the files processed in 2008, had not the good settings...)
So, to come to the point, having your metadatas correctly writen inside the files are the best way to not lose all your work, if, for a reason or another, you have to move from a software to another. In the long time, for me it is obvious. And that is why I do not favor catalog like softwares.
Of course, this come with an issue : if you make some backups or syncing with another computer, everytime you make a change in the metadatas, the file will be copied on the whole.
Fx