Of course it does, even just going by die size Navi 21 isn't even comparable, although the 4070 should really be a 4060 due to die size and performance, going from 3070 for 4070 isn't enough a improvement compared to previous gen x70 tier cards.The Navi 21 cards look bizarrely inefficient next to this thing.
Anyone that cares enough about RT shouldn't be buying the low end cards, 4070 doesn't provide the RT level of performance it should be for $600, but Nvidia can price the card at what they want and reviewers and fans will still hype up a really unexciting card.If you intentionally overlook every shortcoming, setback and problem AMD's older GPUs have, yes.
Being worse at RT, media handling, encoding, at over double the power consumption and subject to Radeon driver shenanigans many of which have driven even diehards (speaking for myself here) away?
Pass.
IMO, media encoding and power consumption aren't enough good enough reasons to recommend a 4070 over other options, and driver issues are way overblown including people whining about not getting updates for a few months.
It will still take years for the card to pay for the difference, for people into the hobby of PC gaming that are upgrading every 2 years, as the 3070 became outdated due to VRAM, I doubt most people will notice the difference in power consumption unless the card is constantly at full load.It saves you a lot of power. With my usage and location it costs about the same as a 6800XT but would save me about 70€ a year in energy consumption.
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