But the superior screen efficiency as well as SoC and performance sure does. There's no contest in terms of hardware. The S21 Ultra not only has a brighter screen than the note 20 Ultra, it's both power efficient and with higher refresh (It has a new generation OLED emitter which is over 27% more power efficient). This and the better Exynos chipset put it a league ahead of the Note 20 Ultra in battery efficiency which to a typical user is by far the most important feature in this day and age.
So here I say what's not to like, you have a faster phone better in EVERY performance metric and to top it off has a better camera setup and is much more power efficient. Hands down the better phone in my opinion. Also to put this in context, I've achieved the best screen on time with the S21 Ultra than I ever had with my previous phones by far, over 11 hours of my typical usage which almost doubled what I'd get from my S20 Ultra and Note 10+ 5G before it.