I'm not an expert at what AMD plans. But, I think you are correct.

AMD has limited resources. So, they cannot "do it all at once". They seem to have been following a "one thing at a time" approach for the last few years.

First, compete by making custom APUs for gaming consoles -- a win. They make the APUs for current and next generation X-Box and Playstation.

Second, catch up to Intel in CPUs -- particularly for data center use. They're mostly there. Current AMD CPUs for business and pleasure are very competitive in performance and win price/performance. As part of that, they combine the new CPUs with the current AMD GPU technology to make a high performing APU for the Laptop market -- that's underway -- products are being made.

Third, catch up to current Nvidia performance in expensive GPUs is next (AMD performance/price has been competitive in mainstream GPUs -- and the non-gaming "compute" aspects of GPUs). The presumed 7nm GPU announcements may be the beginning. But, they have work to do. In that connection, AMDs philosophy is to compete in Mainstream (under $300) first, then high end when they have freed resources to do it.

They don't seem to be players in smaller markets -- from my reading. But, I read mostly gamer/hobby sites.