That's still Core, and that assumes their 7nm EUV will be available in volume in 2021, and not be totally borked.
So it's a pretty big if. Plus they'll be facing Zen 4 on 5nm EUV; & whether TSMC or Samsung or both, it will definitely work and be available in volume.
2022, process allowing, would be a better bet for them being competitive, as that's the likely launch window for Keller's new post-Core chiplet design, on 7nm EUV+.
But, again, they'll be facing Zen 5, probably on either 3 or 4nm (and they'll still be on 7nm).
Personally I think they stand more chance of being competitive in GPUs over the next couple of years.