Efficiency matters, it has always mattered. A card that uses less power, requires less cooling. Therefore it can be quieter, less warm(important during the summer), cheaper to make(smaller heatsink) and in the long run, significantly cheaper(less power consumption).
Efficiency equals performance. The more efficient your architecture is, the more performance you can get out of it. They are the same thing. Just because nvidia decided to scam everyone by significantly downgrading all non 4090 gpus, doesnt mean that this isnt true. Amd simply isnt competitive anymore so nvidia can afford to scam everyone and everyone continues buying nvidia.
Amd is barely cheaper(per performance) than nvidia. I am tired of all this bullshit internet propaganda about amd's offerings. All the reviewers are talking about how much better amd is, while amd cards offer 10% better rasterization performance at best(for the same money). And while all those reviewers run nvidia gpus and havent run an amd gpu on their daily machine in 10 years.
Just imagine if tomorrow the roles were reversed and nvidia was making gpus that used infinitely more power for equal performance with less features and shittier performance on cutting edge features. In fact, you dont need to imagine, this was the case for almost 15 years with dx9 and even dx12 cards. Take an amd 290 and compare it with an nvidia 780. Hell, nowadays even the 280x, a card that cost 50% the price of a 780, beats the nvidia 780.
https://www.youtube.com/watch?v=GcTGAk2Ejzw
Thats because amd's gpu architecture used to be amazing and infinitely more futureproof. But the current amd gpu architecture is clearly inferior and power consumption is a big indicator of that. Amd is forced to push so much power through their cards in order to get competitive performance. While nvidia is literally chopping the legs of its cards and lobotomizes them, in order to maximize profits and despite all that nvidia cards are still competitive. Thats how far ahead nvidia's architecture is atm.
Tbf, a part of this difference is because of the manufacturing node but thats a choice AMD made. The soon to be released 7800xt is similar in size to a 4080, a card that is basically twice as fast(and expensive). A card that has a big part of its architecture dedicated to ray tracing and ai cores. Nvidia isnt even trying, like at all.