Most likely, although the slow 256GB SSD does bother me quite a lot. Earlier this year I upgraded my iMac fusion drive to an external TB3 SSD with a rated speed of 2800+MB/s, but for the first couple days I was only getting ~1000MB/s out of it (I'm assuming backend processes were affecting it - indexing, FileVault and whatnot). The jump from the fusion drive to the SSD was huge, but it was another night & day difference between 1000MB/s and 2400+MB/s (I'm still not quite getting the rated speed, but close enough). It was very noticeable.
I'm concerned about the heat throttling, but at the same time, this is a "low-end" machine (for a Mac) and fanless. Some compromises are to be expected. I'm curious how much of a compromise there is with that in real life usage, though.
What game(s) were you playing, and for how long? Did you experience any FPS loss after awhile?
My biggest use case for the MBA that I'm worried about is taking it along with me on business travel, because I don't want to haul around a 2nd MBP, one for work and one for personal use. I like to wind down in the evening with a little gaming when I can. Obviously I could easily do that by carrying a 2nd MBP, but MBA would be far more convenient. If it doesn't make the gameplay experience frustrating by slowing to a crawl.