Yes, as GHz is not everything. The amount of cores and threads is important too, otherwise the quad core i7 CPUs in the current MBPs with 2.0 and 2.2 GHz would be slower than the 2009 MBPs with 2.8GHz and 3.06GHz, but they are loads faster than those old CPUs.
And as the AMD CPU used in that Toshiba is older than the CPU used in the current MBA, it is just slower. The Toshiba even uses RAM which has been absent from MBPs and MBAs since late 2008.