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It’s on DUV, so only an iterative improvement
Probably won’t be better than TSMC 7nm from 2019
Whoever gets enough domestic chip production to not need Taiwan first, wins, as long as that country liberates Taiwan immediately afterward.
Taiwan’s not really resting on their laurels, though. It’s a moving target, and Taiwan is (and will likely continue to be for a good while yet) the bleeding edge region of that industry.
Not to mention, it’s a pretty specific part of their national defense strategy: build advanced shit that the global west would not be able to get anywhere else at meaningful volume, so they’re essentially forced to backstop Taiwan’s defense unless they want to flush their economies down the toilet.