In conjunction with GeForce Now, it's better than the Steam link in a few ways for my use case: better screen (1080p and slightly bigger), quite a bit lighter and easier to hold, no fan noise, no heat, much better graphics (since it's not running on a local APU, but a 4080 in the cloud). At the time, it was also significantly cheaper than the Steam Deck, although that's gotten cheaper over time too. There are also a bunch of similar $200 ish streaming Android handhelds if price is the primary consideration.
There are a few downsides, though: Its control inputs are way cheaper than that of the Steam Deck and it feels like crap and has no gyro input. It can't run local games (obviously) except cheap Android junk like Torchlight Infinite. It's co-developed with Tencent, which means China is probably spying on all your games (and your Google login).
But overall... it's fine for what it is? I mostly just play Path of Exile on it (and hopefully Diablo 4 soon) before falling asleep in bed.
I actually got a Steam Deck at one point, tried it for a couple days, and then sold it. It just wasn't as ergonomic as the GCloud for casual play. It was a pain waiting for the OS to update, games to patch and then slowly load, etc.