This is where we're going to have some disagreements lol... But civil discourse is always welcome!
Super Mario Odyssey is out of the question to me as a competitor: it doesn't stand up to close scrutiny at all. And it shouldn't: it targets 60fps. It relies heavily on artstyle and animation which leads to your second one.
While I also talked about Luigi's Mansion in my video about using an mClassic, Luigi's Mansion 3 WAS the best looking game on the Switch until Rise. Luigi's Mansion looks damned good, but not only doesn't even come close to the amount of on-screen action, but it also doesn't even touch the amount of alpha effects in use in Rise. Then, to top that off, Luigi's Mansion 3 relies on a static camera, isometric views, and half-frame rendering to keep its framerate up. A lot of people don't notice stuff like this, but I do. You can record and closely inspect footage, and you'll see it "ghosting" from the half frame rendering. Rise runs natively, while doing quite literally dozens upon dozens more things on-screen at once, all with alpha effects. This also leads into that last part...
When it comes to end-game hunts, I don't think Digital Foundry gave everyone a good representation. I checked that video out a day or two ago after I uploaded my review for today, and while I didn't watch it minute-for-minute, he did not in any way show what most MH players will do in the endgame: hunt in full parties. It's a TOTALLY different ballgame with four people popping off hard on a monster while the monster is flailing about, and I guarantee when/if you see this, not only will you notice the framerate starts to dip, but you'll probably recognize why this is the best looking game on the Switch lol
Games like Luigi's Mansion 3 do indeed rely more on things like highly stylized visuals which MH Rise doesn't have the luxury of, but I still feel they just didn't have as many rough spots.
Rise does look nice, especially stuff like the monsters, fur shading, and particle effects, I just feel like the environments were a little too low-poly or lacking fine detail in places. While I get that this was a necessary sacrifice to get a large and seamless open map running with this level of graphics on a mobile device from 2017, I still feel like games that don't have to make such sacrifices end up looking prettier as a result.
On the more aesthetically realistic side of things, games like Alien Isolation, Outlast II, FAST RMX, and The Vanishing of Ethan Carter look better on Switch in my book; again, I realize these games generally have the luxury of not having to render as many characters, particles, or open areas as Rise, but I'm talking solely about looks rather than complexity.
Bet with Liquidlaser: I say PS5 and Xbox Series will sell more than 56 million combined by the end of 2023.