Well, if it can run Cyberpunk 2077 which can be super demanding on even the most high end desktop, I'd say it's really up to developers to make their games scalable according to available resources, instead of thinking in terms of "I target this low end device only".
With such approach there is no need to stagnate available hardware on any platform.
We're talking about portable games here. There will always be some drawback due to power limit and other issues. While i can relate to your sentence about games being horribly behind due to "platform parity", that probably won't work for portable platform.