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On a certain extent, yes, because some companies may continue to deny bringing their most famous franchises to the system if it´s not powerful enough
But... if the Switch can offer a library of games similar to what the 3ds offer(ed), and companies continue to bring franchises like Yokai Watch, Monster Hunter, Layton, Ace Attorney etc., then power won´t be a big deal. The fact that Nintendo merged both handheld and home console development teams into one a year or so ago may point to a huge offer of good 1st party games.

It all comes to the games, in the end.