With the addition of the new AV1 encoding system, AMD has closed the big gap that always exists between it and Intel or Nvidia. This new implementation allows AMD to simultaneously encode and decode within different channels. Thanks to this implementation, it is now even more difficult to catch up with the differences between AMD, Intel, and Nvidia low-bitrate AV1 encoding.
The YouTube streaming expert EposVox has made a deep analysis comparing AMD, Intel, and Nvidia's performance when it comes to streaming. In that video, the host gets to some sound conclusions. The main and most important takeaway is that RDNA 3 architecture has gotten some incredible increase in streaming performance over the last generation (RDNA 2).
According to its benchmark, H264 and HEVC encoding on RDNA 3 architecture has improved a lot over the RDNA 2 generation. But, it still falls behind Intel and Nvidia setups.
In conclusion, AMD has come a long way when it comes to streaming and content creation. The improvements in RDNA 3 architecture over previous generations are impressive. But, if you want to stream the most demanding content at the best bitrates, then you will be better off getting an Nvidia 4000-series if you have the money for it.