In all seriousness, yes, Intel has a shot. It will require long term commitment and a willingness to eat big losses in the medium term, but hopefully their new leadership is willing to do that.
In my view, this generation was always meant more to lay the groundwork, and start building up the ecosystem, the driver teams, the distribution channels, etc. It's built on TSMC! Intel really wants to be building GPUs in their own fabs, getting the benefits of vertical integration, and putting more money into their own process R&D instead of funding their competitor. They need a wider product range in order to sustain the R&D costs of fabs in the Angstrom era. They want GPU market share for the same reason they want a foundry business.
It's in their long term strategic interests to be building huge numbers of Intel GPUs in Intel fabs. I think they are willing to ride out a bad generation, to play the pricing games they need to be competitive, in order to achieve that long term.