Ranked/alternate voting and STV shouldn't be lumped into the same bucket.
Ranked voting is a majoritarian variant of FPTP that doesn't fix many of the flaws of FPTP. There is still the flaw of "favourite betrayal" that induces a need to vote "strategically".
Single Transferable Vote involves ranking candidates but is a Proportional System.
Alterate ranked voting somewhat addresses the idea of needing to strategically vote (favorite betrayal) in favour of your ideal candidate, but only to a degree depending on the parties and initial polling support (a runaway party you don't like will still lead to strategically voting for the party most likely to beat them). Its proportional in that the winners have to get at the most amount of votes across the ranks after eliminations, i.e. you can't win if no one picks you as second/third option, so you have to be picked by someone therefore you are considered to be representing them.
STV does a much better job of it and is why I was strongly in support of STV over AR/MMP or other options.
Ranked voting is a majoritarian variant of FPTP that doesn't fix many of the flaws of FPTP. There is still the flaw of "favourite betrayal" that induces a need to vote "strategically".
Single Transferable Vote involves ranking candidates but is a Proportional System.