It depends totally how you define "hot air" in this instance.
Later in the keynote there's a mention how the $549 card achieves the 4090-like rendering performance with DLSS, i.e. not with raw graphics, number crunching horsepower.
Personally? It's a no for me dawg, DLSS unfortunately doesn't actually replace the need for the raw GPGPU crunch.
For the average layman and a consumer? Nvidia will be selling those GPU's like hotcakes.