Specifically, the Snapdragon 7 Gen 3 SoC is disclosed to use a 1+3+4 architecture, similar to its predecessor. The CPU section comprises a primary core clocked at 2.63GHz, accompanied by 3 high-performance cores clocked at 2.4GHz, and 4 power-efficient cores running at 1.8GHz. This configuration is provided by Arm Cortex-A715 with integrated Adreno 720 GPU.

For comparison, the Snapdragon 7+ Gen 2 features a primary core at 2.91GHz, 2 high-performance cores at 2.49GHz, and 4 power-efficient cores at 1.8GHz, paired with Adreno 725 GPU. Clearly, the specifications of Snapdragon 7 Gen 3 are slightly reduced in terms of performance compared to Snapdragon 7+ Gen 2.
The Snapdragon 7+ Gen 2 chip is only utilized in a few devices like Redmi Note 12 Turbo and GT Neo5 SE due to its relatively high price. This implies that not many consumers have experienced its capabilities.

Qualcomm appears to have strategically focused on efficiency and cost-effectiveness for Snapdragon 7 Gen 3. This chip seems positioned as a mid-range processor, rather than a near-premium segment, making it a more accessible choice for smartphone manufacturers.
Despite seemingly lower specifications, Snapdragon 7 Gen 3 has the advantage of being built on the advanced TSMC 4nm process. This could potentially enhance energy efficiency and overall performance, even if it doesn't match Snapdragon 7+ Gen 2 in raw power. Let's wait and see!
More: What is Snapdragon 7+ Gen 2 Chip? Which Phones Utilize it Best?