Was certainly the case in the early years of Google Sheets. For me, the gap is entirely closed. I'm willing to believe that Excel still has the better platform for extreme power users but I've done some pretty slick stuff with Google Sheets and that was four or five years ago. It must be even better today (though I'm not currenlty doing much with spreadsheets).
Has google sheets filled out the lambda helper functions yet? If so that could narrow the gap.
Passing around vba based xlsm is really awful, so if google sheets has lambdas they can probably get a lead with google sheets queey language over filter.
Groupby and pivotby are the new excel alternative, but if they filled out lambdas, then does that keave VBA and power query as the only reasons for Excel?