Having listened to some interviews with Frank Azor I'm becoming more confident of AMD's strategy. I don't think they are necessarily aiming to "beat" Nvidia, at least in performance terms. In a lot of ways they haven't done that to Intel. What they have done is raised the bar on performance/$. The average user now has access to a lot more CPU power for the money than a few years ago.
If I was young and wanting to buy a gaming PC a free years back it would have been eye wateringly expensive. Now with Ryzen you can build a decent PC for hundreds not thousands of pounds. That, l think, is where they're going with Radeon, raising the minimum performance for the money. They still aren't beating Intel in gaming, but they don't need to. They can give decent performance to everyone, the majority, that can't afford Intel or don't want to pay it and make more money.
Although we all look at the really high end shiny stuff and see that as where is at, it's not where the money is. I'd be happy with 75% of a 3080Ti for 50% of the money. Heresy in here I know, but I bet that would win them a lot more customers than 5% faster than a 3080Ti for the same money.
Disclaimer: I may be completely wrong