TU106 (RTX 2070) is 10.8bn transistors, 5700XT is 10.3bn. There isn't some huge disparity.
Even if we go by a conservative logic density for 7nm TSMC over 12nm a TU106 would be comfortably sub 300mm² and totally comparable to Navi 10. Vega 64 was 495mm² on Global Foundries 14nm, Radeon 7 added a small number of transistors and still came out 164mm² smaller.
Extrapolating TU106 down to 7nm is only an estimation game at best. Long story short, it's close enough in that same 250mm² ballpark to not matter.
It would still be faster from a modest clock bump and use less power. While still having a whole bunch of RT hardware Navi 10 entirely lacks!
You are making the error of thinking that Turing performances is not relying on the the Tensor and RT transistors. It does. By the way, the 2070S is hosting 13.6 billions transistors compared to 10,3 for the 5700xt.
When you scale down the performance to 7nm (331/495) with 545 = 364mm2, which is way above the 251mm2 of the 5700xt. The 2070S is 45% bigger while offering barely 5-10% better performance, a deficit of 35% in area efficiency.