"..Won the Hardware Battle.." is a big statement with no independent reviews available but they're definitely stepping up their game, raytracing is hardly a necessity and there are no $200-$250 cards that can deliver acceptable performance with raytracing on so it will be quite sometime until...
What is "real world gaming", is it the kind of gaming where as long as it runs smoothly it doesn't matter if the fps is just 70 instead of 80 or 90, or is it the kind of gaming where you need at least 144fps 0.1% lows?
PC upgrades give you the warm and fuzzy feeling that no cloud gaming could ever gives to you.
Cloud gaming and PC gaming is like public transport and personal vehicle. I personally will try to stick to PC gaming and personal vehicle whenever possible.