In principle (i.e. in benchmarks), a high-end AMD card can. The question is whether you really want to do that.
Over a certain performance threshold the TB3 connection will be a bottleneck, meaning that expensive top range cards will not give you a great bang for your buck. Add the cost of the enclosure, the large additional power draw and the loss of portability, and the whole value proposition starts looking a lot less attractive.
Also, the assumption that you can just "upgrade in 5 years" by swapping your card might not hold true. Remember what everntually happened with Nvidia after Apple ditched them? They stopped developing macOS drivers for their cards. Now they switched to Apple Silicon GPUs. AMD will certainly receive support for a while but beyond that? Not sure...
M1 Max all the way for me