I wouldn't count AMD as being out of the race yet. They RDNA 2 promises big gains, and 5000 series Navi was intentionally made to be small.
With the Xbox Series X seemingly delivering RTX 2080 Super performance (given already known Gears 5 settings/performance estimations from developers), I can see AMD definitely making something that can at least trade blows with the 3080. AMD can definitely do better than an Xbox Series X.
The question, in my mind, is if AMD can do better than that. Beyond that, they need an answer to DLSS. Without a competitor to DLSS, Nvidia has a key software win.