Even if only for laptops it seems underpowered to face Zen 5, even if Strix was to use Zen 4 cores it would still be challenging for Intel given that they seem to remove HT and also due to either the sheer amount of cores in Strix or the augmented IPC relatively to Zen 4 in Kraken.
A certain someone already said that Cougar isn't a big improvement/optimization over Lion. So indeed PTL won't compete with Strix/Kraken in ST and MT.
However, PTL is a much better fight than ARL-U or ARL-H. Honestly, I finally understood why Intel has been talking so much about it ahead of ARL and LNL. It's probably the sanest mobile design from Intel since TGL.
It reduces external dependency, bring RibbonFET and PowerVia efficiency for increased battery life and also finally brings back Intel Graphics to Intel Foundry.
It will fall short against Strix and Kraken and also AMD will have a year and half headstart over PTL. But PTL will be a decent product from what we know so far.
As I said, if I were Gelsinger, I would fast track PTL to come in Q3 25 at volume. Coming in volume at CES 26 will be a bad idea given it would have to fight against STX+1 and KRK+1.