I think the point of Ronaldo vs C.Ronaldo is that the peak of Ronaldo is better than the peak of C.Ronaldo, but, and here is the big but, C.Ronaldo is the better player, obviously, because he has maintained an inhuman level for a decade, whereas Ronaldo managed it for a few years before his knees imploded.
I don't think it's a slight on C.Ronaldo to say that Ronaldo at his peak was better. He was literally everything C.Ronaldo was, and more. He was faster. He was better on the ball. He had better vision. He had probably better goal scoring instincts, but his peak was fleeting, C.Ronaldos peak has been a decade. So in the end, C.Ronaldo pretty much has to be on everyone's top 3-4 list, and Ronaldo is on everyones, what-could-have-been list.
That is extremely debatable. Peak Ronaldo (Barcelona) was incredible, and in individual level almost unmatched, but he didn't manage to win the league or UCL. He was playing for Barcelona, with an incredible group of players including Baia, Guardiola, Luis Enrique, Hristo Stoichkov and Luis Figo. If a player at his peak who is considered as one of the greatest ever, is playing with a great collection of players and still finishes second then it is a problem IMO. If you look at the squads that Real and Barcelona have, it is impossible to choose Real Madrid as the better team. Barcelona had finished 10 points above Real the season before that, when Ronaldo was playing in PSV.
Now, I think that Cristiano kind of matches that season with many of his season. Forget his time at Madrid, even his 2007-2008 season for us is very comparable to Luis' best season. 42 goals in all competitions compared to Luis' 48, but Ronaldo was still playing as a winger while Luis was No.9. Winning the league (best player and top goalscorer) and winning UCL (best player and best goalscorer) to finish with winning the Ballon D'Or. Sure, you might think that Luis was better (and probably that is true), but it is very very close.
Now the debate is a bit pointless when you compare their entire careers, considering Cristiano's longevity. Ronaldo has been a top 2 player (mostly a top 2, at times top 1) for a decade. Luis hasn't shown nowhere that level of consistency. Cristiano has won 4 league titles and 3 UCL (very likely to be 5 and 4 in a month), Luis has won 1 league title and no UCL, which is just tragic for a GOAT who has played for PSV, Barca, Inter, Real and Milano. Cristiano hasn't been consistently outscored from the Oliver Bierhofff's of our era, Luis did.
The only thing that Luis has in Ronaldo is international performances. Luis won a World Cup (when he was a top 3 player there together with Rivaldo and Kahn), and reached another final when he was probably the best player (or at least a top 3 together with Thuram and Zidane). Cristiano won an EURO (when he was a top 3 player on his team) and reached an another EURO final when he wasn't a top 3 player on his team, though quite important. Cristiano flopped in 3 World Cups, no doubt there. Of course, Luis played with a far better team.
Now, in order to make the point that Luis had a better career than Cristiano, you need to give more importance those 14 matches that Luis played in World Cup than the rest of their careers (500+ matches). I know that World Cup is incredibly important and the top tournament, but I think it is a bit unfair to reduce their entire careers in 14 matches, which is just 2% of the number of matches they played. In any other equation bar 'only World Cup matters' Cristiano beats Luis as the player with the better career by a huge huge margin.
This is of course considering only the events of our universe. In the alternative universe when Luis doesn't have problems with his injuries, Luis is easily the better player, wins more titles for his clubs (that isn't hard to be fair), more individual titles and is considered as a better version of Pele. He was far more talented than Cristiano, there is no doubt there, but in our universe, Cristiano had a far better career, and there shouldn't be any doubt there.