That's roughly it yeah.
Its SoC design is years newer than those in the XboxOne and PS4, which seems to be helping in tangible efficiency gains. Which is part of the reason stuff like Doom is playable at all.
But yeah. The GPU docked is 393 Gflop, and I think 176 Gflops undocked. XboxOne has a 1.2Tflop GPU.
On paper the gulf is massive, in reality it seems to be relatively easily surmountable.
It's still damn impressive that something 1/6th to 1/8th the size is outputting comparable visuals under 1/3rd the power envelope.
Exciting times we living in.