AMD is not seemingly making any progress in improving video encoding ASICs on their video cards. New stuff looks pretty depressing.
AMD Radeon RX 5700 XT was a bit of a move forward, a bit. New series look about the same but even slower a bit, however it is quite clear that existing cheaper NVIDIA offering beats the hell out of new AMD gear.
Not to even mention that NVIDIA cards are capable to handle larger resolutions, where AMD’s bar is at 3840×2160@90.
H.265/HEVC looks pretty similar: