Yes, and also architectural improvements and clockspeeds play a factor. The 5700 XT looks like it is clocked towards the end of its power curve, so actually the 5700, which is only around 12% slower at 1440p, is quite a bit more power efficient. You can see the performance per watt here:Bit in depth for me. Less transistors leads to the lesser power draw, I'm guessing?
EVGA GeForce RTX 2060 KO Review
The $299 EVGA GeForce RTX 2060 KO was announced just days ago, at CES, and is the most affordable entry into RTX gaming. What's surprising is that the KO uses a different GPU than other RTX 2060 Series cards. We take a closer look to see what NVIDIA is bringing to the fight with AMD's RX 5600 XT.
www.techpowerup.com
On that graph, the 5700 is 37% more power efficient than the Radeon VII. That is pretty good considering both cards are on the same process. Of course people will still say RDNA 1 is only more efficient because it is running on 7nm....