I would argue yes, for the following reasons:
So far we're at ~500W total. Even if this all comes from the 12V rail, the RM650X can supply practically 650W through the 12V rail. And also in practice, it may never get this bad. For instance, I have a Ryzen 5600X with a RTX 2070 Super. Power consumption floats around 300-320W from the wall when gaming if I leave everything at defaults. But I have my system tuned for efficiency so it really floats around 240W. And measuring my builds for the past decade, I almost never trip over 350W and they tend to float around 200-240W.
- Tom's Hardware measured a power draw of around 280-290W (https://www.tomshardware.com/news/nvidia-geforce-rtx-3070-ti-review)
- They also measured a power draw of around 140W for the Ryzen 9 3900X if using a PBO profile (https://www.tomshardware.com/reviews/ryzen-9-3900x-7-3700x-review,6214-3.html)
- Give or take add 50W for the rest of the system
NVidia do state that their estimate is based on using an i9 10900k and acknowledge other setups may have a lower requirement, they are being cautious. Here it saysBut you should also account for PSU age, and transient loads behavior.
This is the very reason why NVIDIA recommends 650W for 3070 and 750W for 3070ti respectivelly.
They recommend higher wattage PSUs because they're being conservative. They know random people and system builders looking to cheap out wherever possible are going to stuff substandard PSUs in their computers.But you should also account for PSU age, and transient loads behavior.
This is the very reason why NVIDIA recommends 650W for 3070 and 750W for 3070ti respectivelly.