Mihawk's hype/portrayal is too solid to downplay. At best he's top 1, at worst he's ~ Shanks. Not many other characters are in this position, including Shanks as his cap is Mihawk lol.
If there was ever a top-tier to downplay, Mihawk is not that guy anymore. He's eating good rn. Oda didn't have to go out of his way to compare him with Shanks and reinforce him as the strongest swordsman, but he did. He did not have to give Mihawk a Yonko-level bounty based purely on his strength meaning it'd be even higher if he were an actual Yonko, but he did. And he really didn't need to have Mihawk turn down a Yonkou position, but he did.
The only other top-tier in a position as solid as Mihawk's is Akainu. BB's showings are sus rn, Luffy is still growing, the Admirals cap at Akainu, Shanks caps at Mihawk and Dragon has done literally nothing for 1070 chapters. Even Sabo has greater hype than him now.