No, in terms of performance, Nvidia GeForce RTX 4070 is slower than, AMD Radeon RX 7900 XT by -43.5%.
The RTX 4070 is more energy-efficient considering its peformance, consuming 200 watts to produce 3DMark score of 17846. By comparing its benchmark score to its power consumption, we get an efficiency score of 89.2. RX 7900 XT's efficiency score is 81.3, 9.7% lower, making RTX 4070 the smarter choice in terms of power consumption.
When considering value for money, RTX 4070 offers a better deal than, Radeon RX 7900 XT by 3.1%. Here is more in depth overview of the price and used prices of RTX 4070 Price History and RX 7900 XT Price History