No.MetalFX isn't good enough?
Unfortunately the era of rasterised performance is behind us. Going forwards, software(AI upscaling) will be as if not more important than the hardware(raw compute and watt consumption).
For Metal FX to succeed it needs two things:
1. Great and consistent performance
2. Support by gaming studios
If it's lacking in either, it will fail. Handheld devices need AI upscaling even more than consoles/computers due to thermal and physical limits. Switch 2 would not have been capable of its performance without DLSS. Apple is best off knocking heads with AMD or Nvidia to support their super sampling algorithms rather than trying to go at it alone.