When the M1 Ultra was introduced, Apple shared a chart that had the new chip winning out over the "highest-end discrete GPU" in "relative performance," without details on what tests were run to achieve those results. Apple showed the M1 Ultra beating the RTX 3090 at a certain power level, but Apple isn't sharing the whole picture with its limited graphic.
The Verge decided to pit the M1 Ultra against the Nvidia RTX 3090 using Geekbench 5 graphics tests, and unsurprisingly, it cannot match Nvidia's chip when that chip is run at full power. The Mac Studio beat out the 16-core Mac Pro, but performance was about half that of the RTX 3090.
But it seems that Apple just simply isn't showing the full performance of the competitor it's chasing here.
It's sort of like arguing that because your electric car can use dramatically less fuel when driving at 80 miles per hour than a Lamborghini, it has a better engine -- without mentioning the fact that a Lambo can still go twice as fast.
The M1 Ultra is otherwise impressive, and it is unclear why Apple focused on this particular benchmark as it is somewhat misleading to customers because it does not take into account the full range of Nvidia's chip.
Apple's M1 Ultra is essentially two M1 Max chips connected together, and as The Verge highlighted in its full Mac Studio review, Apple has managed to successfully get double the M1 Max performance out of the M1 Ultra, which is a notable feat that other chip makers cannot match.