Pff RT is a nice to have but not a game breaker for me. Tried to get a 6800Xt at the time, just couldnt get one, AMD site was awful for UK users. Ended up with a 3080 FE which I am more than happy with.
Keys for AMD will be availability, performance and price. Absolutely no need to match the 4090, they just need to own the mid to higher range at decent prices.
It's not a game breaker but it's a distinguishing factor.
Both GPU manufacturers at their higher tier of pricing will have enough rasterisation performance for most people who aren't running something crazy like 8K or triple 4K.
So the distinguishing factors have to be:
1. Price
2. Raytracing support
3. Upscaling technologies
4. Addictional features
Price is probably the most important factor but for others, RTX features will be the icing on the cake.
If AMD can't match points 2, 3 and 4; then ideally it'd be very nice if they at least excel in point 1. Its not like it'll be hard to undercut the overpriced 4080 (unless the cost of wafers is truly crazy and NVDA aren't taking advantage but its just a realisation of modern times).
For the sake of £100 - £150, for a £1,000 purchase, I personally don't mind paying 10% more for 2, 3 and 4.