I'd like to compare the code contents of two syntax objects and ignore things like contexts. Is converting them to datum the only way to do so? Like:
(equal? (syntax->datum #'(x+1)) (syntax->datum #'(x+1)))
If you want to compare both objects without deconstructing them at all, then yes.
HOWEVER, the problem with this method is that it only compares the datum attached to two syntax objects, and won't actually compare their binding information.
The analogy that I've heard (from Ryan Culpepper), is this is kind of like taking two paintings, draining of them of their color, and seeing if they are identical. While they might be similar in some ways, you will miss a lot of differences from the different colors.
A better approach (although it does require some work), is to use syntax-e to destruct the syntax object into more primitive lists of syntax objects, and do this until you get identifiers (basically a syntax object whose datum is a symbol), from there, you can generally use free-identifier=? (and sometimes bound-identifier=? to see if each identifier can bind each other, and identifier-binding to compare module level identifiers.
The reason why there isn't a single simple predicate to compare two arbitrary syntax objects is because, generally, there isn't really one good definition for what makes two pieces of code equal, even if you only care about syntactic equality. For example, using the functions referenced above doesn't track internal bindings in a syntax object, so you will still get a very strict definition of what it means to be 'equal'. that is, both syntax objects have the same structure with identifiers that are either bound to the same module, or are free-identifier=?.
As such, before you use this answer, I highly recommend you take a step back and make sure this is really what you want to do. Once in a blue moon it is, but most of the time you actually are trying to solve a similar, yet simpler, problem.