Open up the Homebrew Launcher and launch nxdumptool
If you're using a gamecard, then select the Dump Gamecard option
If you downloaded the game digitally, then select Dump installed SD card / eMMC content and select Super Smash Bros. Ultimate
Select the RomFS options
Set Use update/DLC to the latest update version (currently v1769472)
Press RomFS section data dump and wait for the game to dump
Shut down your switch and insert your SD Card into your computer
Navigate to sd:/switch/nxdumptool/RomFS
If your SD Card is FAT32, delete the .nrr folder in Super Smash Bros. Ultimate <Update Number> (01006A800016E800) (UPD) then go back to the RomFS folder and open up command prompt in that folder and run the following command (replace <Update Number> with the update number and <output dir> with where you want to save the data.arc locally)
copy /b "Super Smash Bros. Ultimate <Update Number> (01006A800016E800) (UPD)\*" "<output dir>\data.arc"
If your SD Card is exFAT, then just copy the data.arc in Super Smash Bros. Ultimate <Update Number> (01006A800016E800) (UPD) somewhere to your PC
Remove the dump on your sd card
You're done
Dumping with Ryujinx
Right-click on Super Smash Bros. Ultimate game and select Manage Title Updates
Make sure the latest update is selected and click Ok
Right-click on Super Smash Bros. Ultimate and click Extract Data -> RomFS
Wait for Ryujinx to finish dumping Super Smash Bros. Ultimate
You're done
Dumping with Yuzu
Right-click on Super Smash Bros. Ultimate game and select Properties
Make sure the latest update is checked and click OK
Right-click on Super Smash Bros. Ultimate and click Dump RomFS -> Dump RomFS
Wait for Yuzu to finish dumping Super Smash Bros. Ultimate