You have to remember the Series S is sold at a huge loss. Even just a dedicated home console at series S power level but sold at Nintendo profit margins would likely be $400+. Now you got to put it in a slim form factor, add a screen and limit it to something like 20w.
Raw power will be well short but it might be possible to get a lot of games that look close to series S levels. Games that are CPU bound(GTA games, large open world RPGS etc.) could have a problem.