PS4/XBOne level makes perfect sense for portable mode.
The developer comments don't contradict what we know about the hardware. Developers will be required to have their games run well in portable mode.
One would expect the GPU clock speed to be roughly 40-50% in portable mode of the docked clock speed.
So you'd expect somewhere around 8th gen performance in portable mode, and somewhere between 8th gen pro performance and Series S in docked mode, likely closer to Series S because of the much better CPU, more memory, and modern feature set support that the 8th gen consoles didn't have.