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I agree with your conclusion, but these are LPDDR4X, not DDR4 SDRAM. It's significantly faster. No fans should also be seen as a positive, since they're assuming the cards aren't going to melt. It costs them very little to add visible active cooling to a 1000+ euro product.
According to this article
https://www.hardware-corner.net/huawei-atlas-300i-duo-96gb-llm-20250830/
This card consists of two processors with a bandwidth of 204GB/s each Compare that with the RTX 3090 which has 936GB/s bandwidth, It really negates the extra memory capacity that will heavily bottleneck the processors.
That's still faster than your expensive RGB XMP gamer RAM DDR5 CPU-only system, and you can depending on what you're running saturate the buses independently, doubling the speed and matching a 5060 or there about. I disagree that you can categorise the speed as negating the capacity, as they're different axis. You can run bigger models on this. Smaller models will run faster on a cheaper Nvidia. You aren't getting 5080 performance and 6x the RAM for the same price, but I don't think that's a realistic ask either.