No, a 6900XT trades blows with a 3090 with rage mode on (small overclock) and SAM, this also hasn’t been independently verified and is only the manufactures data. Trades blows is not better, though the 6900 is cheaper of course.
The 3090 also doesn’t need to be paired with the latest processor to get that performance and at 120fps you can get away with a much older and cheaper CPU to get the same performance.
Once you start overclocking the 3090 to match the rage mode as well it will start to pull ahead again.
If a 3090 can’t do 4K 120 in the latest games at max settings, neither can a 3900XT without sacrificing quality.
If you drop down the image quality you can get 4K 120. That’s what the consoles do.
And before you say doom eternal, yes you could do 4K 120 in that game but it’s just one extremely well optimised game, the vast majority do not run like that.
Don’t get me wrong the 6900/6800 range look like really powerful cards and seriously good value but let’s step off the hype train, take a breath and wait for the claims to be independently verified.