Depends. Caches can have a huge impact. It looks like AMD is increasing the size of its L2 caches, mirroring what Nvidia has done with recent generations. The low-end GPU might not be fantastic, but the 384-bit bus on the larger GPU is promising. Also, LPDDR6 is pretty fast, early GDDR6 speeds. Not bad over a large bus, especially for a mid-range product.
TBH, it is amazing what AMD has achieved with GDDR6 when Nvidia is using GDDR7 with its current gen products. Bandwidth efficiency is going to be critical for AMD's future with handhelds, laptops, and future consoles. Getting more done with less would be a critical advantage for AMD.
If these leaks are true, AMD's future in the gaming space is going to be an interesting one. That said, Nvidia just needs one good product generation to kick AMD down again. Nvidia's mindshare is a massive hurdle.