stating a 4070 equivalent is waaaay off base. You have to consider power (watts), also clock rates, its also a non dedicated gpu,its actually an apu. A more reasonable assumption is a radeon 6800. The biggest issue however is the cpu, The cpu not having an upgrade will seriously bottleneck the system, especially in open world games... and those wanting higher framerates (namely everyone) This was also an issue for xbox 1x at its launch.... higher resolution yes... but not many games with higher framerates due to the cpu. It has "more advanced" ray tracing because that comes with a better gpu (rather apu)... its not 3 things that are better as the announcement stated, its actually 2,as one is just obvious.
Ive seen some say its as fast as a 7800xt and some thats its as fast as an rtx4070, which is utterly ludicrous. It MIGHT be as fast as say a 3070 laptop gpu or a 6800 desktop gpu at best.... nowhere near the rtx 40 series.
Im pretty sure my rtx4080 laptop with i9 14900hx will trounce it