It all depends on timing. TSMC is also working on backside power delivery.
Intel's roadmap looks great. However, I'm skeptical of whether they're actually meeting that roadmap. Meteor Lake was launched last month using Intel 4, but it looks like Intel 4 has lower transistor density than TSMC's 5nm. Intel 3 is listed on their roadmap as second-half 2023, but we've yet to see any Intel 3 parts.
Realistically, there won't be too much of an advantage for Intel. It's pretty clear that even when Intel ships things, they aren't shipping these new nodes in volume. Intel 4 is only being used for some laptop processors and they're even using TSMC's 5nm and 6nm processes for the graphics and IO on those chips. They canceled the desktop version of Meteor Lake so desktops are staying on Intel 7 for now. Intel's latest server processors launched last month are also Intel 7.
If Intel were able to get a year or two ahead of TSMC, then I could see a nice advantage. However, it looks like Intel's a year behind its roadmap and even being a year behind they're only shipping laptop parts (and not even able to fab the whole chip themselves).
But past success/failure doesn't predict the future. Maybe Intel will be shipping 20A with backside power in 2024 and it'll be 2025 before TSMC gives Apple a 2nm chip with backside power.
But given that we haven't seen them shipping Intel 3 and they haven't taken Intel 3 off their roadmap, I'm going to be a bit skeptical. Intel is doing way better than they had been doing. However, I've yet to see something convincing that they're doing better than TSMC. That's not to say they aren't going to do better than TSMC, but at this point Intel is saying "we're going to jump from slightly worse than 5nm (Intel 4) to 2nm in a year or less!" Maybe Intel is doing that well, but it's a tall ask. TSMC launched 5nm in 2020 and 3 years later got to 3nm. It doesn't take as long to catch up because technology becomes easier over time, but Intel is kinda claiming it can compress 5-6 years worth of work into a single year. Again, maybe Intel has been pouring its resources into 20A and 18A and maybe some of it is more on ASML and maybe Intel has been neglecting Intel 4 and Intel 3 because it knows it's worth putting its energy toward something actually better. But it also seems reasonable to have a certain amount of doubt about Intel's claims.
I'd love for Intel to crush its roadmap. Better processors and better competition benefit us all. But I'm still wondering how well that will go. TSMC seems to be having a bit of trouble with their 3nm process. 2024's flagship Android processors will remain on 4nm and it looks like the 2024 Zen 5 processors will be 4nm as well (with 3nm parts coming in 2025). So it looks like 3nm will basically just be Apple until 2025 which kinda indicates that TSMC isn't doing wonderfully with its 3nm process. Android processors moved to 5nm around 6 months after Apple did, but it looks like they'll move to 3nm around 18 months after Apple. But just because TSMC isn't doing great at 3nm doesn't mean Intel will face similar struggles. It just seems likely that if TSMC (a company that has been crushing it over the past decade) is facing higher struggles at 3nm, it's a bit of wishful thinking to believe Intel won't face similar struggles at 3nm and below.