This is very wrong, and it's why the 3.92 with the 8 speed in particular is so very horribly misunderstood.
What you wrote is only true if and as long as both trucks are always in the same numerical gear at the same speed. That's not the case. There are enough gears in these trucks so that at any speed (beyond 2n'd gear), both trucks will use the gear that gives identical gear ratios. So at any given speed, both trucks will be at the same (almost identical) RPM at the same speed, which means they are in the same "gear". The 3.92 might be in 7th, but the 3.21 will be in 6th, at the same RPM, at the same speed. Therefore power is identical, RPMs are identical, speed is indentical, just the 3.92 is in 1 gear ahead (which is completely irrelevant).
Only in first/second does the 3.92 have a big enough difference where there is no approximately equal gear to be found in the 3.21. After that, there is an almost identical match between both transmissions, just offset by 1 gear. Power is identical for those gears, just not in first and second.
And even in first and second, the story is not that simple. The 3.92 has the advantage from a stop, until it shifts into second, while the 3.21 is still in first. During that period, the power advantage actually is to the 3.21 in first, not the 3.92 in second (do the math, calculate the final gear ratios; 3.21 in first is higher than 3.92 in second). Until the 3.21 shifts to second where power swings back to 3.92. But once we're in third and beyond, the 3.21 is just in a numerically lower gear, but identical gear ratio at the wheels which is what matters; who cares if you are in 8th or 20'th, what matters is the gear ratio at that point, and since there are 8 gears to choose from, both transmissions will use the gear ratio that gives optimum RPMS for the throttle you are requesting.