2 Arm Shanks (Shanks' actual potential) > Mihawk > Shanks.
Shanks basically sacrificed an arm (his potential) to bet on the new generation. He made a sacrifice. Him still being the holder of the title he actually competed for with another person is like making the sacrifice meaningless.
Headcanons
Shanks losing his arm never made him weaker per Oda own words
Btw He wasn't in prime when he lost and hhenrber lost it in a battle
Keep making fanfictions
Based on height: Shanks > Mihawk
Based on feats : Yonko Shanks > Mihawk
Based on portrayal: Yonko Shanks > Mihawk ~ Young Shanks
Shanks keep having better stuff : stopping kaido, the war, matching WB, hyped by kaido and BM, he's taller. Also made WBP step back to escape his CoC range.
While Mihawk is shorter and was stopped by Vista and Croco, couldn't beat pre ts luffy...replaced by Toys
Oda is clear who's stronger
If Mihawk > or = Yonko Shanks
Oda would wank Mihawk the same way he wanks Shanks in the manga
Look at Roger and WB ,both get wanked
Roger even got more hype this chapter again
Both feel like Kings of the world..