Well, the process is important insofar that 14nm is definitely a dead horse. "Previewing" products that are supposed to be their best at the time they are released with this old technology is nothing but surrender. Yeah, it's remarkable what Intel's engieneers managed to achieve with their tweaks, but the story ends here. Intel has been trying and promising to get their 10nm process up and running for YEARS now. They had a comfortable lead in process technology, which is officially squandered now.
At the same time the competition has caught up (yeah, also with a bit of nm voodoo), but if you look at the results (maximum performance and especially performance per watts) you will have to acknowledge that TSMC's 7nm is very much the best process available right now. It can handle various die sizes and architectures (CPU + GPU) super reliably with a high yield. If TSMC manages to make the difficult transition to EUV lithography just as well, Intel is pretty much ****ed, since they'd be behind not just on the architecture but also on the process. We'll see what they'll be able to do.