Basis for comparison should be the original Xbox, not the XB1X which was, again, built specifically for the purpose of high resolution gaming. The Series S is basically the opposite of that, built for lower resolution gaming, so differences in general pixel-pushing power doesn't matter much.
More to the point, everything devs complain about with the Series S tends to come almost completely down to its memory setup. That's the problem. The GPU itself is ok so long you accept that it's more of a 1080p machine than a 1440p machine.
I actually think the bus width is okay for the Series S - it's a heck of a lot of BW by AMD APU standards and half of the PS5's BW. OS use of the "extra" clamshelled 2GB might cost a little extra, but overall it seems fine for a 4TF RDNA 2 part.
10GB was definitely a mistake though. An additional 2GB giving a GPU optimal 224 GB/s across 8GB and a slower 112 GB across 4GB wouldn't have hurt performance any more and might even have helped - get those slower accesses out the way faster.
A bit of me misses the lightweight Xbox 360 OS. 32MB and it could handle saves, voice, friends and all the core stuff. There was no buffered video or anything, but it did mean that almost all of your games console was doing the game you were playing. It might be a good idea if developers could chose to drop to say 1080p dash and video saves on their Series S games to free up memory (assuming they can't).