The downside of SQLAlchemy is that it's less pleasant to use for simpler queries/tasks, so which ORM is better depends on the project. I've worked on codebases that never crossed that threshold, and ActiveRecord gave a consistently great developer experience. YMMV.
For people getting started with engineering, AR is a nice wrapping/mapping of SQL => object oriented models. There's a mix of productivity, approachability, and feature set that puts AR ahead, for me, as a general use ORM.
I would agree, though, with a strong and experienced engineering team Ecto and Elixir are quite nice.
Maybe it's morphed into a more general ORM in the 10+ years since I've touched it, but the active record pattern breaks down very quickly once you get beyond basic CRUD apps.
Rails has its downsides (helloooooo memory usage!) but for getting up and running fast and having a full toolkit available to get the basics done, it's a pretty amazing project.