If you are in one of the few supported markets, the absolute best Note 20 Ultra versions has (vs the 12 Pro Max):

• It has the bigger physical volume size (10% more) (negative)
• bigger battery (18% more) (positive)
• variable refresh rate (positive)
• lower resolution (50% less pixels to push. negative, specially as it isn't the native display, so it is even less sharp than a native 1080x2316 display)
• half the CPU and GPU power of the 12 Pro Max, judging by highly regarded technical analysts (Anandtech).

Expected, no? The design can probably be simplified with the removal of modern biometrics like FaceID, Lidar, way worse sealing (IP68 up to 1.5m Vs 6 = 4x less pressure) and bands/components/antenas that only target those small markets, since most of the world has the laughable Exynos version.

But let's not forget that Samsung has the S-Pen in there. Anyway, this proves without doubt that while the 12Pro Max is the best device, not having VRR at up to 120Hz is a bad, glaring omission. Depending on the test it might even result in better battery, since the Note was refreshing at lower framerates than the iPhone for a long period of the test.

And of course, lower resolution. Way lower. Maybe Apple wasn't willing to go that route due to iOS point calling (3x?)?