Yeah, steam deck is nowhere near close to PS4. God of War W literally has ps4 equivalent graphics options and Steam Deck renders 800p 0-35 fps with it, whereas PS4 gets 1080p/30 locked (most likely runs above 40+ fps but locked to 30 for stability reasons. The fact that it never drops a single frame on that old machine proves that it most likely runs at an 35+ fps average uncapped. PS4 Pro's 30 FPS capped mode runs 40+ FPS uncapped too.).
Probably that puny 88 gb/s bandwidth is a huge limitation + console optimization stuff.
This thing barely gets 37-40 fps average at 800p, a resolution where even bandwidth requirements should be lower. Now imagine it trying native 1080p like PS4 does.
Yeah, not good;
%50 slower than PS4 (more, when you think PS4 could run 35+ FPS uncapped). And that is the lighest section of game with no effects and enemy NPCs. Most likely it will drop to 15 FPS with 10 FPS %1 lows.