It's obvious that Nintendo is spending just enough to get a minimum viable SoC for their hardware.
The problem is that they used basically the latest (non-current) SoC that Nvidia had on the shelf. Because Nvidia cancelled one that was supposed to launch after that, Nintendo ended up using something at least 2 years older than what they had probably planned.
That said, if Nintendo would be willing to dig into its pockets, I'm sure it could've afforded to have Nvidia customize something newer for it. Ultimately, they're just being cheap.
I think the additional hardware will entice more developers to want to put games on the Switch 2, but they're likely still looking at something with the CPU power of PS4/XBO.
Actually, no. Switch 2's CPU is better than that. It uses 8x Cortex-A78, which first shipped in flagship phones at the end of 2020. So, less than 5 years old. IPC-wise, they're probably almost on par with Skylake, other than the fact that they have just dual 128-bit vector pipes.
So,
lightyears better than PS4's crappy Jaguar cores, which probably aren't even as fast as a Core 2. Almost within spitting distance of PS5 cores.
In fact, I'd go so far as to say the Switch 2's CPU cores really aren't the problem. Its GPU is a problem, and maybe Samsung's 8 nm process node is a problem (to your point about achievable clock speeds). But, the GPU thing is really because these SoCs were designed primarily for embedded apps like robotics, and not gaming consoles. In light of that, they shrank the GPU and added NVDLA cores. So, its GPU performance is particularly lacking.