EDIT: Removed a bit of the comment from a misunderstanding from reading the article
Depends on your expectations, technically NES had 60 FPS GPU.
If you want to drive a FullHD at that rate, and render GUI comparable to modern phones - you need 3D acceleration, ideally programmable shaders, and the fillrate.
GPU is unavailable at launch, they say it will appear in later versions, and it will be a PoverVR. Never said which PowerVR.
[0]: https://carrv.github.io/2020/papers/CARRV2020_paper_15_Zhao....
It was pricey at $999 because the chips are from low volume "shuttle run" aka MPW production (probably $300 or $400 each -- would be maybe $10 in volume production) and the board has 8 GB DDR4 2400 and other expensive things such as FMC connector.
But it's well faster than a Pi 3 and I've had 2.5 years of use out of it already...
It would be up to picorio being more open than the pi (easy to do, but not if they fuck up by including a powervr gpu) and/or using less power.