Some people feel branching is too slow, even for modern gpus, if so and you really want to optimize you can always change the branching to something like
bool ring = isRing(i.worldPos, _RingPositions[index], _RingRadii[index]);
o.Albedo = lerp(o.Albedo, RingColor, ring);
o.Emission = lerp(o.Emission, RingColor, ring);