While I agree with the overall analysis, I disagree about a few details, the biggest being 400+W cards.
400W is an insane amount of heat to have to dissipate. If there is going to be a 400W number, it'll likely be only on the top end Titan, for the sake of keeping the performance crown, if they were pushed to do so. If they were to run their entire high end lineup at 400W, nvidia would take a huge hit in terms of brand. Currently, people still associate nvidia with efficiency and 400W maybe not be able to be cooled on anything but water or an open bench. Anyone trying to run 400W in a standard enclosure, no matter how good the airflow is, would probably have a terrible time with heat. Even those who can cool the card would probably feel other effects. That's that kind of number that would make a room (my room, at least) uncomfortable to be in.
Second, I don't believe the titan is as important as you make it out to be. Sure, I believe nvidia still wants to be able to claim they've got the fastest card, but the impact on lower end card sales doesn't compute with me. AMD haven't completed with the 1080 Ti, nor the the 2080 Ti, but they're not having any problems selling their cards. Sure, they might have slightly higher sales if they had the performance crown, but the biggest factor, imo, is price. People want to buy the best card in their price range, not what's related to the best overall. It doesn't matter if AMD doesn't beat the top end nvidia card because if they can undercut nvidia on price at every level of performance they (AMD) offer, AMD will continue to make a good number of sales. If AMD can say "I can give you more performance for the same/better price as that nvidia card" for everything but the top card, they'll be very successful. That's all assuming AMD can keep their drivers functional. If user support from AMD isn't there, they will continue to be seen as the budget brand.
If AMD can pull that off, Nvidia will have to drop prices (which frankly have been bloated since the RTX series dropped).