I don't think I'd characterize what they've been doing in the CPU market as "catching up" anymore. They caught up to Intel a few years ago. Now they are just asserting dominance for the immediate future.
They've definitely been far behind Nvidia for a while, though. I haven't seriously considered an AMD GPU in almost a decade outside of budget gaming rigs, and even then I ended up going with a used Nvidia card. Hopefully this is enough to give them a serious foothold in the high-end GPU market so they can give Nvidia competition for years to come.