Who cares if the Switch doesn't have the hardware to compete with Sony and Xbox? It never was trying to compete with Sony or Xbox. It's been a serviceable device with a huge library of awesome games. Graphics aren't gameplay.
They're using a cut down 700 series Nvidia gpu. Your phone doesn't feel faster, it is faster.
New Nvidia chips are very power efficient. The switch could be a powerhouse for wattage if they used a new chip but then they couldn't pocket as much profit. And people keep buying the switch anyways it seems. No matter that Zelda TOTK runs like a laggy potato.