svt-av1 has come a long ways recently; I tried it a few weeks ago.
It still (maddeningly
!) defaults to PSNR, but you can change that. There are some sources where I find it now can significantly improve over H.265 at higher data rates, and, while my testing was limited, I couldn't find sources any where H.265 clearly won based on my mark-1 eyeball. This is in contrast to when I tried multiple av1 encoders 2-ish years ago and they, at best, matched H.265 at higher bitrates.
It still (maddeningly !) defaults to PSNR, but you can change that. There are some sources where I find it now can significantly improve over H.265 at higher data rates, and, while my testing was limited, I couldn't find sources any where H.265 clearly won based on my mark-1 eyeball. This is in contrast to when I tried multiple av1 encoders 2-ish years ago and they, at best, matched H.265 at higher bitrates.