I had to make this same decision in May, was more than aware of all the clickbaity reviews on how bad 11th gen was. I went 11900K over 10900K/10850K and Ryzen for a few reasons.
1. I came from a 5900X. A CPU that once I dropped it in, made my previous setup go berzerk in the memory controller and USB. Same system with my 2700X, 1800X, and 1700 had no issues other than lockups unless I disabled C-States or DRAM Power Down. I had to do that on all of those chips or they would lock up, I did not have to do this change for the 5900X to not lock. But the 5900X config was only usable if you have low standards for quality, I do not. I don't accept random USB disconnects.
2. I'm likely to use this system for years, I'm not buying older hardware with less bugfixes (the Skylake arch fixes in Rocket Lake: L0 Cache errors and parity errors are resolved).
3. In properly configured reviews, where the reviewer is competent and not a charlatan, 11th gen won in AAA gaming, which is what I'm focused on if I'm dropping a lot of money (future games). See:
Core i9 11900K and Core i5 11600K: performance analysis (disable your adblocker to see the charts).
4. Better IO. Z590 brings USB 4.0 / TB4, Bluetooth 5.2, wifi 6E, 2.5Gbit ethernet, PCIE 4.0. Not all are exclusive to Z590 I realize. But I didn't want to run a 10th gen CPU with a Z590 and lose one of my M.2 slots.
5. Anyone who buys one of these and actually disables MCE (a default set BIOS option) is... yeah no one would ever in their lives do that. Why these bozos did in a review, policing the power consumption on a top end $550+ CPU. It just makes zero sense. Especially considering MCE is enabled on nearly every board by default that anyone would pair an i9 with, and it's on record that most people don't touch the BIOS anyway. So they'd have it on. Those reviews are just horrendously flawed.
6. Given the option, I wanted AVX512. Intel engineering stated in a recent AMA that they are not going to stop pushing this. So it's not going away. I've been wondering if it may even be used in Windows 11's Android emulation, since Intel wrote the software for Microsoft that will be handling that.
In sum, a PC is more than just a CPU. If you're laser focused on CPU to CPU, well, 10th gen or Zen3 still only wins if you're budget oriented. If you need more and more cores, Intel has that available too. Rocket Lake has the best IPC on the market. But I take a holistic view, because this is about my 25th personal computer since 1985. I know what I want and what I'm looking for: stability and quality. I love mine, and I think it's extremely underrated.
I won't argue with anyone, I will just preemptively say- buy what you want. 👍 I'm informed and I have what I want. I'm looking forward to ~CL20 DDR5 at which point I'll be upgrading again to whatever Intel has out.