It's still not favorable, even compared to last-gen (30XX series) hardware. Here's the OpenCL scores for multiple different GPUs, including the Ultra: https://browser.geekbench.com/opencl-benchmarks

The M1 Ultra is a 200w chip, fabricated with 5nm silicon. It's being outclassed by the RTX 3060, a cheap 10nm card that draws ~170w max. In Nvidia's 40-series cards (on 4nm), the M1 Ultra's performance profile is most comparable to a laptop-class RTX 4060 that draws less than 115 watts.

There's a story in the total package draw to be made here, and it does weigh slightly in Apple's favor. Overall though, even with last-gen cards it's clear that there's a massive performance-per-watt lead in Nvidia's favor right now. Which is impressive, considering how they've been stuck with second-class silicon when the M1 Ultra debuted.