Yes, with regards to performance, AMD Radeon RX 7600 outperforms, Radeon RX 5500 XT by 122.7% in 3Dmark benchmark.
The RX 7600 is more energy-efficient considering its performance, having power consumption of 165 watts and a 3DMark score of 10817. By comparing its benchmark score to its power consumption, we get an efficiency score of 66. RX 5500 XT's efficiency score is 37 .So RX 7600 leads by 78.4%, making it the smarter choice in terms of power consumption.
When considering value for money, RX 7600 offers a better deal than, Radeon RX 5500 XT by 16.7%.