It's worth understanding what this new architecture is. The high power usage is in specific tasks like rendering which is done on the Performance cores at full pelt. The efficiency cores are very powerful still but are much more efficient and used for everything else. The P cores in gaming do not consume any more power than anything from AMD.
Check out all the reviews now and you'll see this pattern.
I think a lot of people online are going to be blind sided by the power/heat headlines of these early reviews, some of which have been done on coolers that aren't fully supported, whilst others don't clearly define where the power usage applies between workloads and gaming where power usage is a non issue to the competition.
We are looking at it from a broader sense than that, not everyone plays games only, all you need for that is a 12600K or a 5600X.
You would buy the 12900K or 5950X for its MT prowess, high load workloads, the 12900K is using over 130 Watts more power than the 5950X, twice the power consumption and the performance is no better.
Add to that AMD's CPU's are getting on for 2 years old, they are on a 4 years old 2 generations surpassed process node.
Its not good, but AMD do see it as threat and that is also not good because they have so much left in the tank and they may just push the "go nuclear" button for 5nm and if they do that... double the core count, IPC up by 30 to 40% and still on much less power than ADL Intel would be pretty much toast by this time next year.