Not true. Apple TV was released in 2015 and launched with revised a8 version with 2gb of ram, introduced the same year with the iPad mini. At that point the a8 was one generation old.
I am counting the A8X, A9, and A9X which were all available at the time of the ATV4 launch.
The A8 launched with the same 2-core A8 that that the iPhone 6 had in 2014, except it had double the RAM, and a tiny bit higher clock speed, but otherwise had the same performance. They had the same 2-core and same GPU.
The ATV4 could have launched with the 3-core A8X, which launched a year prior in the iPad Air 2. It had a much better GPU, and could of gotten the same 2GB of RAM that the iPad Air 2 had.
The ATV4 could have launched with the A9, which was announced with the ATV4 in Sept 2015 on the iPhone 6s. It was faster, had a better GPU, and had faster LPDDR4 RAM.
The ATV4 could have launched with the A9x, which was announced with the ATV4 in Sept 2015 on the iPad Pro. It was much faster, had a lot better GPU, and had faster LPDDR4 RAM.
That is why I think it was underpowered at launch. It could of had the A8X, A9, or A9X, but it was given the inferior A8.
I think Apple corrected their mistake with the ATV4K, which launched with a current A10X, which had huge improvements over its predecessor, the A9X, especially for GPU performance.
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I know people still using a Mini 2 today.
I still used the iPad mini 2, but I am running iOS 10 and am staying there.
It was great running iOS 8, but the iOS 9 update made it almost unusable. iOS 10 fixed a lot of the problems that iOS 9 brought, but it is still pretty bad compared to iOS 8, and the battery life is horrible.