Yeah that's a fair point, but there are only 8 'Raptor Cove'/P cores with SMT to Zen4's 16 with the rest of the thread count made up by the 'Gracemont' e-cores. It's not really apples with apples. And as good as the Intel 7 process node is it's not as efficient as the TSMC 5nm node used in the 7000 series. Raptor Lake has the best single-core performance, the productivity benchmarks are mixed but Intel is on top more often than AMD (from what I've seen so far anyway) and although that power consumption is a bit high it's showing that a design is good enough that a less advanced manufacturing process (non EUV lithography/10nm though probalby similar to TSMC 7nm in PPA terms) can compete with the leading-edge TSMC process node. IIRC Raptor Lake is a monolithic design as well, so all else equal the yields are going to be lower than the comparable MCM/chiplet design used by AMD...and Intel are winning on price across the product stack. These are also relatively synthetic benchmarks and the hybrid (P/E core) architecture will probably see some real-world efficiency gains thanks to the Windows 11 thread director.
I only upgraded to a 5950x last year so I'm not going to jump on Raptor Lake, but if I was upgading today I'd be with team Blue. Meteor Lake will be out next year and will include a process node shrink (Intel 4) with a move to EUV lithography and MCM/Chiplet designs (foveros?) whereas AMD's cadence means their top end SKUs will still be 7000 series. And by the time AMD are ready to bring out a new chip, Intel will be relasing Arrow Lake, which will be on 20A and possibly use TSMC silicon for the execution cores.
it's perhaps not tech leadership in the absolute sense, but I think it's another data point showing that things are moving in Intel's favour. Feels like we're witnessing the end of AMD's short-lived dominance in CPU. Jim Keller (the guy who led the team that designed Zen) reckons Zen will need a bottom-up rewrite after this generation, and Intel have hired some really smart engineers in the last few years. It's great to see competition pushing performance further, and I'm super pleased to see Intel push things after _years_ of rubbish post Skylake (or arguably Haswell/Devil's Canyon). It's a great time to be a PC enthusiast