Yes. Vast majority of computing is still under powered. Chromebook for example. Apple Silicon fanless MacBook Air only arrives in 2021. And I would argue if we want AR or latency sensitive applications our computing power is still off by at least an order of magnitude.
For all the examples mentioned in the parent article, PCs were significantly under-powered compared to workstations, much less main frames.
An explosion of hardware development between 2005 and 2020 has lead to an era where hardware outperformed software needs. Now software is catching up.
But there have always been use cases for high end hardware, and always will be.