What kind of games do you expect to play?
I have a 7900XTX and it's been a totally fine card at high framerate 1440p/variable 4k in older titles. It's a power hungry little b but I live in the pacific northwest where power isn't crazy expensive.
I would go 9070xt.
I cannot in good conscience ever, ever recommend a Nvidia card. Their performance is "Better" but their drivers currently are getting WORSE over time and their corporate monopolization of the GPU market is really bad news for PC gaming in general. They are fucking scummy pieces of shit and should not see any dollars from individual consumers ever if you have the tiniest bit of conscience.
Yes, AMD won't be "as good" at ray tracing. I think ray tracing games are overblown and just another way Nvidia has tried to ace out competition.