In the states the price difference is $150 before taxes (f you can find a 965). DCRainmaker lists out the differences here. Besides the ones you mentioned the 965 has a slightly larger display and about 50% more battery life.

Check out this video which does exactly what you are looking for!

https://www.youtube.com/watch?v=wwCB4ayuybU

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He who understands the WHY, will understand the HOW.

I looked at the 265 for a long while, but ultimately had a "treat myself" moment and bought the 965.

Coming from a 245 the 265 ticked all the boxes for daily training and health metrics. I ultimately opted for the 965 because of the slightly larger battery, maps, and backcountry snowboard mode. It's absolutely overkill, but I don't buy much new gear anymore and I imagine this will be my daily driver for several years.

These are the key differences between the 265 and 965 (and other than screen size, all the latest 2x5 and 9x5 watches). They are otherwise identical as pure multisport tracking devices.

• 0.1" larger screen
• Touchscreen
• Mapping
• Larger battery
• Full bike power meter support
• More memory (for music)
• Real-time stamina
• Training readiness score
• Lots more analytics mini-features

I bought both… coming from an Epix 2 I wanted something lighter for racing but with the same features and also still felt good on my wrist. I ended up keeping the 965, the 265 felt cheap and flimsy to me whereas the 965 was a great. I actually find myself wearing it most of the time and instead of my Epix as my everyday watch. The larger screen is nice and the user interface is really neat as well.

I have a lot of life left in my 745, but I will buy a 965 because it works with di2 buttons, the 265 does not (nor does my 745).

I do cyclocross, I like to hit lap with the di2 hood button, and really don't look at the screen during a race.
I may be the only one anywhere looking for this feature use case. It's a big luxury though.

The 265 does everything the 745 did, and for less money.

Can touchscreen be potentially a problem on swim leg? Risk of laping/switching by accidental touch in crowded group?

There is a setting to turn off touch screen during activities. So, no issues.