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Who wins?

Perpetua based on hype

though still too early to tell

I have a feeling after this JL arc and Doomsday Clock are concluded, Both Manhattan and Perpetua are gonna be at the ceiling of DC cosmology

I have a reasonably strong feeling that after a few years Perpetua will have faded into obscurity and been replaced by the latest writer's pet biggest baddest cosmic villain everrRRRR!!!!!

Manhattan might stick around in some capacity, being such an iconic character and all.

For now Perpetua though yeah.

It was heavily hinted/shown that Volthoom can also create multiverses. However, Snyder retconned that to being Perpeuta.