I think you’re right from a technical point of view. Sure, it might be slower than a dedicated GPU, and sure the Intel CPUs in the MacBooks are not the fastest in the world in the first place.

However, the comparison still has value from a practical point of view: the new thing is more than 3 times as fast as the old thing. This matters to the people who use the things more than to people who just want to compare abstract chip performance.

I assume we’ll see other data points, more relevant to some, when high-end ARM MacBook Pros are released in a couple of months.