Cheap 22 ammo needs to be compared to cheap pellets if you want to be apples to apples.
Though if there's much wind the poor PCP using pellets doesn't stand a chance against the 22rf at 50Y since there's 2-3 times the wind drift and getting much harder to connect as distance stretches. At 25Y it's a slightly different story, the 22rf won't have hardly any advantage.
I'm involved currently with some of the best shooters in the nation and have shot their $3000-ish custom air rifles so I know full well what these will do compared to my expensive 22rf with expensive match ammo and from what I've seen for years here on the Hide with events like the 6x5. Almost but not quite there for the PCP's. I shot the smallest group I've shot with one of these PCP rifles a month ago at 50Y, it was in the .0's at 50Y but that was the only one ever.
I already know that when I tried my 25 cal FX Impact using 34gr JSB's that at 100Y it got a bit stupid trying to hit the NRL22 steel because of how much a pellet blows in the wind! I gave that idea up since it was too hard competing against my 22rf. Well and I already know that with weighed pellets my rifle groups 2" at 100Y in clam conditions and my 22rf groups .85" so there's that aspect.
PCP's with slugs/cast or swaged bullets/, are at their infancy as far as precision and when the other manufacturers get this dialed in, the gap will be closed a bit, maybe even exceeded at some point in the future like shown in the video. Altaros isn't available yet so it'll be interesting to see if the claims are real.