I've made a disappointing discovery on the Merc XTXH version and it looks like a BIOS mistake.
The maximum Hotspot temperature has been reduced from 110c to 95c. This limits performance and actually causes it to be slower when overclocked than the XTX version.
VGA Bios Collection: XFX 6900 XTXH 16 GB | TechPowerUp
I checked powercolour and their XTXH has a max hotspot temp of 110c, so this has to be a mistake.
If you switch BIOS, max hotspot temp goes back to 110c as expected, but voltage is limited to 1.175 like a normal XTX.
Quite disappointed at this, am going to be returning it and will stick with my current XTX Merc.
I would not recommend anyone buy the Limited Edition Merc until XFX release an updated BIOS to resolve.
I've opened a support ticket with XFX to flag their error.