They said its runing console settinga at 720p. They dint specifically said its weaker. It's my take. But again its on handheld mode. I'm sure it can do better like the switch docked.
But that memory bandwidth is what I'm concern with. I'm not expert on this but if the GPU can match the ps4 but the bandwidth can't what will the bottle neck if any affect performance?
The screen itself is 720p so that tells us nothing about its power. Target resolution will only get you so far as well, as the Series S typically targets a lower res than PS4 Pro but we know its notably more powerful.
Low resolutions will help with bandwidth but I think we'll have to see how it handles modern games once it launches. For the time being I think its safe to look at it as a portable PS4/ low-PC which will handle almost any cross-gen game, but may not be future proof. I think thats okay for a 1st gen release. I'm personally looking forward to playing my existing games library, upcoming cross gen games like Elden Ring and future indie releases. I'm not expecting Witcher 4 to run on it though lol