Not arguing for any specific performance level of N48, but I'd like to make two observations:
One of the more counterintuitive findings from statistics is that you should always expect to revert to the mean. If two very tall people have kids, you should expect the kids to be shorter than them. Taller than the average person, but well shorter than their parents, for the simple reason that their parents were outliers and you should expect to revert to the mean.
If a vendor that has done decent generational improvements before, generation N is decent, and N+1 is a real stinker, you should assume that N+2 is closer to a decent improvement over what N+1 should have been instead of what it was. Because if the failure was an outlier, you should expect to revert to the mean. See, for example, NV3x vs NV4x. (Or in the opposite direction, when one generation is an advance much greater than expected, you should expect the generational improvement immediately after that to be much more muted, because if the great advance was an outlier, you should, again, expect reversion to the mean. See G80 and successors.)
Not the same node. N4P is half a shrink over 4N, you get both increased density and substantial perf/watt. You can see this very well on Hopper vs Blackwell.