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Transformers are typically memory- bandwidth bound during decoding. This chip is going to have a much worse memory b/w than the nvidia chips. My guess is that these chips could be compute-bound though given how little compute capacity they have.
It's pretty close. A 3090 or 4090 has about 1TB/s of memory bandwidth, while the top Apple chips have a bit over 800GB/s. Where you'll see a big difference is in prompt processing. Without the compute power of a pile of GPUs, chewing through long prompts, code, documents etc is going to be slower.
I agree that compute is likely to become the bottleneck for these new Apple chips, given they only have like ~0.1% the number of flops