That depends on how good Zen 2 is. Process node isn't everything. Yes, it is an advantage, but AMD needs a big jump.
Beyond that, "too late" is a bit much, Intel has enough money to rebound. They could be behind in some markets for a few quarters, but it will take ages for Intel to sustain big damages. Rome wasn't built in a day, but it didn't collapse in a day either.
There is also the fact that AMD just launches Ryzen Mobile 3000, which means that AMD won't have 7nm mobile for another year or so, which pretty much means that Intel has a solid lock on that market for the most part.