Yes, performance (per watt, or per mass of silicon).

Profit is dependent on scale. FPGAs are useful if the scale is so small that an ASIC production line is more expensive than buying a couple of FPGAs.

If the scale is large enough that ASIC production is cheaper, you reap the performance improvements.

Think of it this way: FPGAs are programmed using ASIC circuitry. If you programmed an FPGA using an FPGA (using ASIC circuitry), do you think you'll achieve the same performance as the underlying FPGA? Of course not (assuming you're not cheating with some "identity" compilation). Same thing applies with any other ASIC.

Each layer of FPGA abstraction incurs a cost: more silicon/circuitry/resistance/heat/energy and lower clock speeds.