Yes, thats still impressive tho, current Ryzen has the same IPC as Coffeelake, this will put AMD <15% ahead in IPC, so a 4.7Ghz Ryzen 3700X would have the same performance as a 5.4Ghz 9900K
Remember though, AMD built this 7nm Zen2 to compete with Intels 10nm Ice Lake CPU which doesn't exist yet, not their coffee lake, I think (HOPE) we'll see it pass the 9900K
Even if it does turn out to be a 15% IPC increase, that's still more than Intel have done all the way pretty much from Haswell to Coffee lake.
I bet they are very worried with all of these rumours flying around at the moment, the only way they can compete is to finish off their 10nm design, theres not even any point in them going to TMSC, same silicon, same process as AMD, there wouldn't be any performance advantage, it would come down to price wars and core wars, I suppose that's good for us though, Intel got too complacent, there was no immediate threat to them, they quite comfortably released 4 core 8 thread CPU's with slight clock increases and needed new boards to run them in, then came along Zen, which is why suddenly Intel are releasing 6 core 12 thread and 8 core 16 threads, otherwise they'd still be at 4 core 8 thread.