If anything, closer to the XBO than the Wii U.
The GPU is a modern asset Maxwell based GPU, while the Wii U has a 2010 based VIWL5 AMD CPU (something around the HD Radeon 4000 series) and the XBO has an GCN based mordern GPU (based on the HD Radeon 7000 series). To give a better idea, API wise, the Switch can do things on the level of DX11.1 (maybe 12, we don't know what the costume API can fully do yet), while the Wii U tops out at DX10 with some assets from DX11 (of course Nintendo can't use DX as that's a Microsoft copyrighted API).
The CPU is an ARM A57, which is much better than the GameCube based (but upgraded) IBM Power CPU the Wii U has, and even has advantages over the Jaguar CPU the XBO has.
The Switch has 4GBs of LPDDR4 RAM with 3.2GBs of it usable for games. LPDDR4 is faster and more efficient than the 2GBs (only 1GB usable) GDDR3 in the Wii U but not as fast as the 8GBs (5GB usable) GDDR5 in the XBO, but closer to XBO than Wii U.
People on GAF treat FLOPs like they are the only thing that matter, but FLOPs are no different from Bits back in the day. They give a basic measurement, but miss a lot more detail that only the architecture can give you.