That doesn't seem to be as true any more, and there were always corner cases (e.g. hardware accelerated mice sprites, I think, were always a win for various reasons), but it was an interesting debate back in the day.
These things tend to oscillate, presumably one day there will be another generation of CPUs that is much closer to our current CPU/GPU combo that will outperform GPUs and then the cycle will start over again.
I think the counterargument in this context would be "...until we all went to 16-bit processors.". But I understand the point you're making.
These things tend to oscillate
I think you're of course correct, and I don't think the original paper disputes that. What I think (without much research) has happened is that the period of that oscillation has dramatically expanded since the paper was written.
The later versions of the same software ran on regular x86 hardware, which caught up pretty quickly with custom processors. I had a DSP032 which also ended up in the drawer because of the speed with which regular processors improved.
Interesting that now, a good 30 years later we are again using co-processors.