To be honest, i would wait till January when Nvidia announces their updated 4000 series SUPER cards.
There will be a 4070 TI Super with 16GB of VRAM which should make the choice easy
If you don’t want to wait, i guess the choice isn’t that easy.
Like you said, 12GB of VRAM is basically a dead card in a year, even now in some games with RT on.
On the other hand, AMD has worse upscaling quality and bad RT performance, the more effects enabled, the worse it gets.
Also, for a WoW player important, the severe problems people with AMD GPUs are having atm.
So in general the AMD is better value and will last longer with the 16GB of VRAM, but you lose out on the Nvidia feature set.
I think waiting for the Super cards is the way to go if you don’t wanna regret it sooner than later