I'm almost certain this is the case now. That graphic mentioned TDP down, and that's not necessarily something of a bullet point for consoles. So I think Lockhart is one of two things:
(1): A Switch-like hybrid. Dock it and it can give about 3.96TF, undock it and it's go to 2.x (can't remember what the actual clocks were but those are figures I calculated at the time of seeing it). It'd basically be a next-gen Switch just not from Nintendo, and leagues more powerful than the current Switch while maybe going for anything between $299 and $399.
Also think this could be something benefiting the MS/Samsung partnership recently announced. They (Samsung) have to be getting more out of it than just pre-installed Xcloud app. Why not have Samsung basically manufacture Lockhart as an extended OEM partner and be the sole distributor in Asia? Lockhart would have a crazy-good chance of success with Samsung handling it in those regions. Could also mean MS and Samsung have figured out a way of splitting royalties on software and subscriptions in those locations between the two.
Think of it like how SEGA would have Hitachi, JVC etc. manufacture their own Saturns (or what Trip Hawkins and EA did with the 3DO), but done by much larger companies with all the kinks ironed out and new forms of revenue having opened up in the past decade (and, let's face it, much better management, both at Microsoft and Samsung, vs. mid-'90s SEGA).
(2): A Surface-like gaming orientated tablet/laptop. Could be the second option. I think MS would handle this moreso themselves, but still leveraging partnerships such as with Samsung, obviously, probably via better integration of Xcloud streaming between the device and Samsung phones, etc. Being gaming-orientated it would basically be running the same OS as XSX and be a closed box, but I can see MS and other partners releasing compatible apps that are basically versions of Office and other productivity software.
This way, they can bring in PC-like functionality while still maximizing control of the storefront for games, XBL, Gamepass, Xcloud etc.. It'd be like perfecting the concept of Steam machines in a way, as well as a better implemented idea of Sony's Linux support for PS2 and PS3, controlled so that it couldn't be exploited by hackers since it's not REALLY running Windows as a PC would, rather running the same Xbox OS XSX will use, just having Windows-style apps developed for it and made compatible. Of course they'd still have to address things like sharing and transferring files between the device and actual PCs, Macs, phones etc, but I think it would be possible.
It's still retain the portability function, too, and be positioned as a very powerful Surface/laptop-like device priced around $399. This would be the gaming-orientated SKU, going without the productivity software suite and lacking the features that would bring. They could also sell a version aimed more at the conventional Surface/tablet/laptop market priced higher (maybe $799/$899) but has all of those apps pre-installed and full functionality enabled.
There's something else I thought about with this option: the device would have a top-mounted replaceable keyboard panel. This way the cheaper version ($399) would have a "keyboard" arrangement like a modern-day arcade stick, combining the face and shoulder buttons on the layout logically, and maybe twin touchpads (to simulate twin sticks) or a touchpad & Vita-style thumb slide stick, plus some d-pad buttons as well, and a Home button like you'd have on an Xbox controller. The pricier version of the device ($799/$899) would have a more "normal" laptop keyboard-style setup, aimed at productivity.
I bring up the second option at a higher price because if the cheaper version had all the productivity functionality already there, it would eat into their other Surface product lines, given the graphical power of the device in that type of form factor. I see this option overall being less likely than (1), though, for those reasons plus others. But I thought it was worth throwing out there