It was absolutely mismanaged several leadership teams ago and necessary fixes were put into motion in 2021 that are coming online now.
None of that changes that they are one of a few in such an important industry. Even if the US government had to funnel billions of dollars a year to keep the Intel fabs afloat and moving forward it would be insane not too.
Intel doesn’t even had to be as good as TSMC it just has to outlast them.
Years ago I joked about going public with a company that gives away $100 to everyone who signs up for $90. My margins would be 100x better than some of what's out there right now.