Stepping down to 1080p ultra, the margins start to shrink when comparing the RX 7700 XT and RTX 4060 Ti. While it's possible CPU and other system bottlenecks are becoming a factor, these GPUs are also far enough down the hierarchy that we should still be mostly limited by the graphics processing power.
The RX 7700 XT now leads the RTX 4060 Ti by just 3% overall. There are certainly still games that favor AMD by 20% or more, but there are also games where there's no real difference, and ray tracing games, as usual, tend to favor Nvidia. 1080p also doesn't hit Nvidia's 128-bit interface as hard, which likely helps to narrow the gap.
The rasterization rankings are pretty much the same as at 1440p, just with slightly less of a gap. RX 7700 XT beats the RTX 4060 Ti by 13% and squeaks past the previous-gen RX 6800 by 2% again. Every game also easily clears the 60 fps mark, with only Flight Simulator and Red Dead Redemption 2 failing to reach the triple digits.
AMD would probably like more comparisons with the equivalently (now) priced 4060 Ti 16GB, but even after the $50 price cut, that's not really a great option. The added VRAM mostly helps at 4K ultra, at which point the GPU is already struggling quite a bit in most modern games. This means the real competition is from the 4060 Ti 8GB that costs $50 less, and things still end up mostly as a wash.
Nvidia continues to lead in ray tracing performance, by 11% overall now. That's only a 2% delta compared to 1440p, indicating that neither of these GPUs is running into VRAM limits so far. Minecraft continues to be the outlier, thanks to its full ray tracing graphics, but Cyberpunk also shows a large 22% lead for the 4060 Ti compared to the RX 7700 XT.
Otherwise, everything pretty much remains as before. The 7700 XT comes out 11% ahead of the RX 6800, so the improved ray tracing hardware in RDNA 3 does help, but it's not a massive improvement.
We do have to wonder what performance might have looked like had AMD used a monolithic die with no MCDs but otherwise identical specs, because the external cache and memory controller chips have to introduce at least some additional latency. RDNA 3 is basically a proof of concept for GPU chiplets; RDNA 4 is where we'll hopefully see more impressive gains from the chiplet approach.