Didn't things like the Cyberpunk enhanced Path tracing only come out last year. Last generation I didn't need a new GPU when the RTX4000 came out I needed a new GPU. I didn't care for AMD last generation as I didn't need it at that point.It does seem to flip-flop. Last generation AMD was ahead and nobody seemed to care - the moment the RTX4000 was ahead,suddenly it was important.
In my case I have a SFF PC,so power draw does matter to some degree,but performance is still the more important metric.